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野村升敏实集团(0425.HK)评级至“中性”目标价下调至23港元
格隆汇 07-17 11:41

野村发表研究报告,指随着上半年内地汽车生产量下跌16%及吉利(00175.HK)发盈警,相信市场参与者已开始调整对敏实集团(00425.HK)上半年业绩的预期,虽然相信表现将会跑赢行业平均水平,但国内收入料无可避免有中单位数下跌;而受到新订单增加及客户渗透率支撑,海外业务则有机会录约13%至17%增长,料缓解本地业务疲弱的状况,并推动整体收入增长达2%至4%。

该行续指,虽然受惠于商品价格走低及没有去年的一次性事故,但公司业务去杠杆化将会继续损害其2019财年上半年国内业务的毛利率,预料毛利率将会按半年维持在31.5%水平,而这将会令上半年的盈利带来约10%的下跌。该行亦因而将公司2019及2020财年的盈利预测平均下调16%,收入预测则分别下调6%及13%。

野村将敏实集团的目标价由原来的24.8港元下调至23港元,考虑到公司的风险回报已达到平衡,将投资评级由原来的“减持”提升至“中性”

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