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美銀證券:下調敏實(0425.HK)目標價至28港元 重申“買入”評級
格隆匯 02-18 11:17

美銀證券發表研究報告,降中國汽車銷售預期,由-1%進一步擴至-5%,除因農曆年後生產延期,同時交通運輸亦影響員工回廠和零件供應。該行預期,新型冠狀病毒疫情將於今季影響情緒,而第二季需求復甦預期亦會緩慢,降敏實(0425.HK)2020/21年盈利預測分別13%及10%,維持去年預測不變,目標價由32港元降至28港元,重申“買入"。

該行指,敏實廠房自農曆年起至2月6日停產,部份廠房於2月10日復工,輕微影響出口,而其武漢廠房則只佔低雙位數生產比例,並主要供應東風本田,管理層指會拉低內地上半年銷情,但相信生產不是障礙,汽車市場的復甦才是關鍵。

該行又指,公司於去年第三季推出鋁電池盒產品,並計劃於今年下半年生產鋁門框,利潤預期會於開始時較低,貢獻有限,海外增長會是毛利的主要推動來源。

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