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瑞信:上調敏實(0425.HK)目標價至34.1港元 評級“跑贏大市”
格隆匯 01-09 16:46
瑞信發表的研究報告,估計2020年中國乘用車產量將按年增長2%,主要因為2019年未見顯著去庫存的情況。該行認為受生產商成本管控影響,零部件供應商或面對減價壓力,但認為敏實集團(0425.HK) 利潤能夠在2020年跑贏大市,主要因為公司在中國60%的收入是來自表現跑贏大市的日本及德國品牌。
另外,該行亦估計受惠歐洲新訂單表現,公司海外擴張將繼續有高增長,料2019-2021年年複合增長可有12%。展望將來,該行相信電池組將成公司新的收入引擎,主要是受惠環球政府對新能源車方面的補貼以及生產商在相關範疇的研發投入,瑞信估算到2021年電池組方面的收入貢獻將提升至其整體收入的9%,該行對於公司的鋁電池組收入增長更有信心,將其目標價由31.6港元升至34.1港元,評級維持“ 跑贏大市 ”。

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