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中金:升海天國際(1882.HK)評級至“跑贏行業” 目標價24.23港元
格隆匯 12-10 12:20

中金公司發佈報告稱,看好海天國際(1882.HK)2020年注塑機行業景氣復甦、海天國際業績恢復增長,上調公司2020年EPS預測10.2%至1.37港元,上調公司目標價46.4%至24.23港元,同時上調公司評級至“跑贏行業”。

該行稱,2019 年前10月國內橡膠與塑料製品業營業利潤累計同比增長13.1%,企業盈利是資本支出的前置指標,注塑機行業國內需求有望企穩。且2020年自動化行業景氣有望向上,該行認為,隨着消費電子、家電等下游資本開支的改善,汽車下游資本開支企穩,行業有望迎來拐點。

該行又稱,1H19,公司小型機中電動化(Zhafir 品牌)比例同比提升至22.5%,大型機中二板機(Jupiter 品牌)佔比提升6.4ppt至44.1%。隨着產品結構進一步升級,該行認為,未來公司綜合毛利率將持續改善。另外,公司海外收入佔總收入比重達到32.0%。分地區來看,東南亞市場表現亮眼,佔海外市場收入比重同比提升至35.5%。該行預計,2021年公司在墨西哥的工廠有望投產,帶動海外市場規模進一步提升。

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