花旗:升德昌(0179.HK)目標價至23.5港元 評級“買入”
花旗發表報告指,德昌電機(00179.HK)在公佈2020財年第三季度收入後舉行了電話會議,表示本財年銷售額預期略低於2019財年,而上半財年銷售額按年跌約7%,該行認為略勝預期。
報告指出,德昌的汽車產品部繼續復甦,收入於2020財年第二及第三財季持續保持增長,分別升4.6%及6.6%,對比首財季為跌6.8%,相信是由於中美貿易局勢緩和,而庫存有所增加。惟管理層認為,增長主要受銷量提升,而非銷售均價所帶動。至於工商產品部復甦步伐較汽車產品部為慢,管理層則解釋是貿易緊張局勢影響及產品下行週期導致有滯後。
該行表示,考慮到較高的經營槓桿率、原材料成本穩定及人力成本平穩上升,預測下半年毛利率將按半年輕微回升0.2個百分點至23%,2021至2022財年盈利複合年均增長率估計為8%,將其目標價由22.5港元上調至23.5港元,重申“買入”評級。
花旗稱,管理層透露因貿易緊張局勢緩解及庫存增加而對前景充滿信心,但不傾向回購,而是傾向將資源分配予併購和現有廠房資本開支。

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