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敏實集團(0425.HK):借輕量化之勢,乘電氣化之風,首次覆蓋給予“買入”評級
格隆匯 10-10 09:09

機構:國元證券

評級:買入

投資要點

敏實集團:全球汽車零部件龍頭供應商:

公司深耕汽車內飾領域,產品種類多元化,致力於全球化發展道路,與全球知名主機廠保持多年穩定的合作關係。公司2016/2017/2018年營業收入為94.0/113.8/125.5億人民幣,淨利潤為17.8/20.9/17.1億人民幣。

輕量化和電氣化是大勢所趨:

在節能減排的大背景下,無論是燃油車還是電動車,輕量化是重要的技術方向。對比幾種應用材料,鋁具有很強的綜合性價比,未來發展空間巨大。同時,全球範圍內的國家和車企開始全面推進汽車電氣化進程,有望催生“三電”元件的巨大需求。

公司核心優勢明顯,築造龍頭地位:

1)公司具有穩定且多元化的客户羣,有利於分散單一客户風險;2)致力於全球化發展道路,不斷打入全球主機廠的供應鏈體系,同時全球化產能分佈有助於減小區域貿易摩擦帶來的風險;3)強大的研發與管理能力構築護城河優勢,毛利率在行業處於領先水平;4)公司的新產品例如鋁產品、電池盒等將借輕量化之勢,乘電氣化之風,未來發展前景廣闊。

首次覆蓋,給予“買入”評級:

公司為全球汽車零部件龍頭供應商,具有多元化的客户結構、全球化產能佈局和強大的研發與管理能力,未來有望繼續保持領先優勢。我們預測公司2019-2021年淨利潤分別同比增長8.3%/19.0%/21.2%,對應EPS分別為1.58/1.88/2.28元人民幣,考慮到公司的龍頭地位,我們認為公司相對行業可比公司可享受一定溢價,我們給予公司目標價31.3港幣,對應2020年15倍PE,首次覆蓋給予“買入”評級。

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