《大行报告》瑞信下调敏实(00425.HK)目标价至22.95元 评级「跑赢大市」
瑞信发表研究报告,指敏实(00425.HK)去年表现较券商低6%,全年盈利升2%,相等於下半年升18%。当中毛利下跌0.6个百分点,是最令市场意外,相信是因新项目在欧洲推出,目前仍在起步期、新生产线高摊销成本,以及美国提升中国入口关税所致。
该行相信公司长远增长故事仍存,但短期受新冠肺炎疫情所影响。公司早前公布收到来自大众汽车在欧洲铝电池的订单,而公司亦将受惠内地一线城市开放限制政策,主因其客户组合有较多的德国和日本高端品牌。
该行降今明两年盈利预期12-21%,以反映疫情影响,目标价由34.1元降至22.95元,维持「跑赢大市」评级,并计入2022年数字。
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