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敏實集團(0425.HK):獲大眾MEB平台鋁電池盒訂單,繼續看好高端化路徑,給予“買入”評級
格隆匯 03-04 16:25

機構:輝立證券

評級:買入

投資概要

獲大眾認可,鋁電池盒接到新訂單

公司近日公告,取得德國大眾MEB平台歐洲鋁電池盒定點通知書。MEB平台是大眾集團用於生產所有中低端車型的電動車平台,總研發投入達到數百億歐元,是全球最大的電動車平台之一,2020年起正式投入使用。大眾集團計劃到2025年共計推出80款電動車型,總銷量中電動車佔比不低於25%,MEB平台車型的全球銷量將達到一百萬輛,幷於2050年實現“碳中和”。

敏實生產的鋁電池盒訂單涉及短、中、長三款鋁電池盒,可配套大眾集團所有B/C/D級電動車。公司此次拿到該平台供應商訂單,再次證明了公司在該領域的領先水平。基於此計劃,敏實在未來戰略規劃上有望實現鋁電池盒業務的百億營業額目標。

海外業務發展勢頭向好2019年第三季度,在歐洲市場新客户強勁需求的帶動下,公司的海外業務收入預計錄得雙位數的增幅,而國內市場營業額也重回正增長,毛利率水平保持了穩定。同時公司的墨西哥工廠和泰國工廠經營效率在持續改善。

繼續看好公司未來高端化路徑

敏實一直致力於拓寬產品線,2017年以來更是加大了包括鋁電池盒、鋁門框、ACC標牌等新能源車領域的產品開發和拓展。其中鋁電池盒業務落地最快:敏實已進入多家主機廠全球電動車平台的供應商體系,幷已獲得包括寶馬、戴姆勒、本田、日產、雷諾、福特、沃爾沃及捷豹路虎等在內的多個主要汽車品牌訂單,亦因此躍居全球最大的鋁電池盒供應商之一。2019年12月,公司順利成為標緻雪鐵龍鋁電池盒供應商,負責為其電動車平台設計、工業化規劃及生產。今年公司的鋁門框業務也將進入量

從全球各大車企的新能源戰略規劃來看,大部分車企將2020年或2025年定為新能源規劃“關鍵年”。隨着海外汽車電動化趨勢不斷推進,之前獲取的訂單有望助力公司進一步鞏固與海外客户之間的戰略協作關係,驅動未來業績增長。

關注疫情過後經營反彈

公司部分工廠自2月10日起開始復工,管理層預計對出口有輕微影響。公司的武漢工廠只佔低雙位數生產比例,且主要供應東風本田。雖然今年的疫情對上半年汽車行業景氣度帶來一定挑戰,但相信公司手握訂單充足,客户結構優質,新品類逐步進入量產,海外業務提升空間廣闊,都將是疫情過後業績強勁反彈的保障因素。

估值與投資建議

我們調整公司2019/2020/2021年每股盈利預估至1.58/1.70/2.10元人民幣,幷調整公司目標價至33.32港元,對應19/20/21年PE為19/17.6/14.3倍,買入評級。(現價截至3月2日)

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