里昂:升敏实(0425.HK)目标价至32.1港元 评级“买入”
里昂发表研究报告,估计敏实(0425.HK)
本地销售于7-8月持续上升,付运量见改善,海外订单亦见增长。尽管2020年受新电池组产品拖累,毛利率似乎可维持稳定。虽然其股价自中期业绩后已升33%,惟相信经营会持续改善,并支持股价继续向上。
该行上调集团2019/20/21年核心盈测2.8%、1.5%及1.7%,目标价由28.5港元升至32.1港元,维持“
买入
”评级,并列入汽车行业中长远推介股份。
该行指,集团资本开支规模会按新订单计算,加上公司目标是维持净自由现金流入,因此资本开支今年维持在20亿元人民币,不会显著增加。集团中国及海外产能分别占整体产能85%及15%,海外产能将会进一步提升,公司正致力提升自动化工序,改善墨西哥的厂房生产效率。
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