中金:維持敏實集團(0425.HK)“跑贏行業”評級 上調目標價至30.6港元
中金髮布報告稱,敏實集團(00425.HK)預期國內車市銷量可能在2100-2300萬輛區間震盪,那麼所有零部件公司都面臨一個問題,就是如何在中國車市持續低迷的背景下尋找新的收入增長點,進而保持盈利水平的穩定。
該行稱,大力投入電池盒業務,從單零件到集成件。鋁電池盒業務具有高技術門檻、高資本投入的特點,截至目前公司已經獲得了多個訂單,在行業內具有龍頭和先發優勢,公司未來兩年目標實現年20億元的收入規模,長期目標是打造成100億元收入規模的業務。公司資產負債率長期處於低位,未來有機會跟其他行業龍頭進行合作,從而實現產品線拓展和更高附加值的集成零部件的供應。
該行表示,維持“跑贏行業”評級。基於估值提升,上調公司目標價6.3%至30.6港元,對應2019/20年17/14倍P/E,較當前股價具有19%的上行空間。
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