野村:升創科(0669.HK)目標價至75港元 評級“買入”
野村發表研究報告,指創科實業(00669.HK)是全球領先的無繩電動工具製造商,估計在2018年佔相關市場份額逾50%,並有望持續穩步增長。該行續指,充電式工具目前僅佔全球市場不足50%,因此相信創科的業務仍有增長空間,維持其“買入”投資評級,並將其目標價由原來的57.05港元上調至75港元。
公司最新公佈的MX Fuel系列聚焦於重型電動工具市場,或能在2020財年中期開始推動銷售。現時公司每年約有三分之一的銷售是受新產品帶動,這對改善毛利率亦有幫助。
在今年上半年,公司分別有76%及16%的銷售是來自北美及歐盟地區,因此這兩個地區的經濟放緩將會影響公司的表現。然而,管理層預期公司2020年首季的業務表現將會良好。

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