創科實業(00669.HK):穩舵前行之本在於技術 ,評級為“買入”
機構:廣發證券
評級:買入
核心觀點:
市佔率持續提升之全球第二大電動工具品牌。創科實業成立於1985年,主要業務為電動工具(2019年營收佔比89%)以及地板護理(11%)。我們預估創科於2019年在全球電動工具市場佔有率為12%,僅落後史丹利百得(16%)。公司挾着電池、無刷馬達以及軟體自主研發製造技術,產品線以無線充電電動工具為主,並藉由產品創新之力,持續推出跟既有產品線電池相容的新產品。
專業用户市場為營收成長主力。創科的高端品牌Milwaukee在過去6年的營收同比皆超過20%,為公司營收成長的重要引擎。Milwaukee主攻專業用户市場,如電氣、機械、裝修及工程改造等應用。該品牌並於去年11月推出適用於輕型建築設備市場的相關產品,公司看好在擴大應用市場後,Milwaukee在未來三年能持續增長20%以上,驅動公司整體營收達高個位數成長,優於整體產業的中個位數成長。
產品策略持續推升毛利率向上。創科的毛利率自2009-19年都維持擴張態勢,系受惠於公司往高端產品發展,且自主研發製造可有效控制成本。我們看好毛利率在2020-21年能夠續創新高,主因:(1)公司維持每年有近1/3的營收來自新產品的策略,而新產品通常會享有較高的價格與利潤率;(2)Milwaukee以及充電式地板清潔產品的營收佔比提升可望持續優化產品組合。
估值與投資建議:我們看好公司的營收及毛利率向上趨勢可望優於同業,而美國政府的2兆基礎建設投資則將替我們的獲利預估帶來潛在上修空間。合理價值66.3港元/股,系根據2020年預估每股收益的23倍(接近過去五年市盈率範圍18-24倍的高點)而得出,首次覆蓋,給予買入評級。
風險提示:市場需求不如預期;政策不確定性;同業競爭激烈。

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