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花旗:升中国联塑(2128.HK)目标价至10.5港元 评级“买入”
格隆汇 08-28 12:46
花旗发表的报告指,中国联塑(2128.HK) 上半年业绩好过预期,期内利润好过预期主要受惠自动化塑胶喉管生产比例提升,该行将公司2019-21年每股盈测上调2%,目标价由9.3港元升至10.5港元,认为核心的塑胶喉管业务将继续增长,主要受惠产能提升、海外物料和室内设计业务以及环保方面的增长,另外家居业务亦料将于2020年扭亏,维持公司为中型企业中首选,评级“ 买入 ”。
该行指出公司每年投资约3亿元人民币于自动化生产设备,例如安装机械臂以取代人手,而塑胶喉管行业是其中一个实现自动化最理想的行业,主要因为产品高度标准化,加上亦可助减少因搬运重物而发生意外,管理层指出虽然期内塑胶喉管收入及规模分别增长7%及2.5%,但人工成本大致平稳,主要受惠期内减省人手,而上半年毛利率则扩大2.7个百分点至28.7%。
公司指出上半年塑胶喉管规模增长仅2.5%,主要因为下雨日子较多,拖慢工程进展,加上房地产市场政策收紧以及基建固定资产投资增长放慢均有所影响。但期内公司表现仍跑赢行业增长,主要受惠市场份额提升及行业整合等,相信下游客户整合对公司有利,因为联塑是唯一一家拥有全国分销覆盖的公司。
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