You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
耐世特(1316.HK)短期压力持续下调至“收集“评级
格隆汇 08-16 08:28

机构:国泰君安

耐世特2019年年上半年净利润同比下降34.3%至131.1百万美元,低于市场和我们的预期。净利润显著下降是由于销售和毛利率的下跌。由于中国市场疲软,亚太地区的销售下降(同比下降27.0%)而拖累整体销售同比下跌10.5%。北美销售同比下降5.1%,是由于通用汽车平台变化带来的收入损失,但得益于SUV和全尺寸卡车的整体销售较好而有所缓解。由于更严峻的价格压力和原材料成本上涨,毛利率下降2.3个百分点至15.8%。?2019年上半年其他亮点:1)2019年上半年的在手订单增加到256亿美元。自2017年第3季度以来,在手订单持续增加。其中电力主力转向(EPS)占到71%,高于当前的收入占比;2)耐世特在中国柳州和摩洛哥盖尼特拉开设两家新工厂。两家工厂将进一步提高公司的生产和工程能力,更好地服务于地区客户。

我们分别下调2019年至2021年的股东利润预期23.7%/17.2%/8.2%。我们已降低了对收入和毛利率的预期。

由于盈利预测和估值下调,我们已下调目标价至7.47港元,并下调投资评级至“收集”。我们的目标价对应8.1倍2019年市盈率和6.9倍2020年市盈率。公司目前的估值处于历史低位,12个月的预测市盈率为6.7倍,并且我们相信处于相对底部的估值存在交易机会。我们的估值低于历史平均水平1个标准差,我们认为这是合理的。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account