中金:維持天虹紡織(2678.HK)“跑贏行業”評級 上調目標價至11.06港元
中金公司發佈報告稱,考慮短期壓力和長期競爭優勢,該行下調天虹紡織(02678)2019年每股盈利預測11%至1.05元,維持2020年盈利預測1.25元,分別對應同比下降17.6%和同比增長19.5%。目前,公司交易於7.5倍和6.3倍2019-2020年市盈率。該行稱,維持公司“跑贏行業”評級,上調目標價30%至11.06港元,對應8倍2020年市盈率,較目前股價具備28%上行空間。
該行還稱,魏橋紡織發表盈利預警,預計2019年下半年淨利潤下滑將環比加速。魏橋紡織認為主要原因在於棉花價格下降導致紡織品售價承壓,下游情緒悲觀以及市場需求疲軟。
該行表示,在2019年上半年,天虹紡織紡織品業務收入增長15.7%,但淨利潤同比下降21.8%,毛利率達14.1%,但是,該行預計不利的外部環境因素對天虹紡織盈利的影響更小,且憑藉彈力包芯紗線研發和製造優勢,天虹紡織享有更高的議價能力。另外,天虹紡織彈力包芯紗線出貨量和銷售均價同比維持穩定,收購Winnitex後,天虹紡織致力於打造垂直一體化產業鏈,有助於降低棉花價格波動的影響。

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