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大和:升創科(0669.HK)目標價至80港元 受疫情影響較小
格隆匯 03-06 13:25

大和總研發表研究報告指,創科實業(0669.HK)業績雖然稍遜於市場預期,但相信其MX FUEL系列可推動電動工具業務增長,而地板護理產品的盈利能力正在改善。該行重申其“買入”評級,目標價由65港元上調至80港元。

大和指出,相信公司的電動工具業務將依靠其旗艦Milwaukee品牌領導的收入增長勢頭,該品牌有望在2020年實現按年超過20%的增長,並使公司在缺乏無線技術的輕型設備領域獲得了市場份額,惟該行下調公司2020-21年的每股盈利預測5-6%。

至於新型冠狀病毒的影響,大和認為,疫情對公司影響較小,公司現時主要從馬來西亞採購大部分電池。另外,截至3月2日,其中國工廠的產能利用率已恢復至75%,加上公司在美國、墨西哥和越南的產能不斷增加,認為公司集中在中國的風險愈來愈小。在需求方面,該行指,到目前為止只有意大利和南韓等市場受到影響,而來自公司主要市場,包括美國和歐洲部分地區的銷售保持穩定。

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