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《大行報告》野村升敏實集團(00425.HK)評級至「中性」目標價下調至23元
阿思達克 07-17 11:20

野村發表研究報告,指隨著上半年內地汽車生產量下跌16%及吉利(00175.HK)發盈警,相信市場參與者已開始調整對敏實集團(00425.HK)上半年業績的預期,雖然相信表現將會跑贏行業平均水平,但國內收入料無可避免有中單位數下跌;而受到新訂單增加及客戶滲透率支撐,海外業務則有機會錄約13%至17%增長,料緩解本地業務疲弱的狀況,並推動整體收入增長達2%至4%。

該行續指,雖然受惠於商品價格走低及沒有去年的一次性事故,但公司業務去槓桿化將會繼續損害其2019財年上半年國內業務的毛利率,預料毛利率將會按半年維持在31.5%水平,而這將會令上半年的盈利帶來約10%的下跌。該行亦因而將公司2019及2020財年的盈利預測平均下調16%,收入預測則分別下調6%及13%。

野村將敏實集團的目標價由原來的24.8元下調至23元,考慮到公司的風險回報已達到平衡,將投資評級由原來的「減持」提升至「中性」。

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