《大行報告》美銀證券升創科(00669.HK)目標價至67.3元維持評級「中性」 去年業績符預期
美銀證券發表研究報告,指創科實業(00669.HK)2019財年盈利按年增長11.3%,大致符合該行預期,而估值處於合理水平。該行大致維持對公司2020至2021財年的盈利預測,年增長率料介乎12%至13%。將其目標價上調15%,由58.3元升至67.3元,重申其「中性」投資評級。該行續指,在市場份額增長下,旗下旗艦品牌Milwaukee工具銷售按年增長約22%,RYOBI充電式產品銷售在去年錄得高單位數增長。該行預期公司的電動工具銷售將會在2020至2021年保持每年10%至11%的增長,這是由於美國及歐洲的電動工具需求上升,以及Milwaukee工具的市場份額增加所致。另外,預期隨著更多新產品推出,公司的地板護理業務息稅前利潤率將會在2020至2021年逐步提升到介乎2%至3%。美銀證券認為,關稅提高的影響對於創科盈利影響依然有限,公司已將所有地板護理業務及大多數手動工具的生產由中國內地轉移至台灣、越南及其他東盟國家及美國。針對電動工具被列入美國4A關稅清單中,公司已在去年第三季於美國建立庫存,並已開始將部分生產由中國轉移至美國及其他國家,導致去年的資本開支相對較高。另外,公司亦可以在為新產品定價時將關稅提高的因素計入其中,而新產品每年貢獻銷售約三分之一。
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