里昂:降海天国际(1882.HK)目标价至15.5港元 评级“跑赢大市”
里昂发表研究报告,指海天国际(01882.HK)的上半年核心盈利按年下跌14.3%,较该行的预期低出4.3%,主要是由於国内销售表现差过预期,以及毛利率略为低过预期所致。

由於7至8月份的订单表现仍然疲弱,该行仍认为下半年的注塑机销售势头欠佳。毛利率表现则有望受到人民币走低、原材料成本便宜及长远有新产品推出等因素而获进一步支撑。
该行仍认为公司在行业中获绝对的领导地位,其净现金强劲及具优质回报,但有待宏观环境因素改善,以对公司有更正面的看法。该行下调集团2019/20/21年盈测11.2%、11.5%及11.2%,目标价由原来的18港元下调至15.5港元,维持其“跑赢大市”评级。
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