信達國際:重申通達集團(0698.HK)“買入”評級 目標價0.52港元
信達國際維持對通達集團(0698.HK)目標價0.52港元,相對6月1日收市價有約17%上升空間,重申“買入”評級。
報告稱,季度內2.5D玻璃+金屬中框的競爭仍然激烈,此外,供給美國客户的精密部件未有進行升級,導致平均單價(ASP)及毛利率持續受壓,其他分部業務亦受公共衞生事件的影響。該公司預計今年手機外殼出貨量約1.5億件,低於今年年初時溝通及3月公佈全年業績時預期的1.6億件。
雖然集團短期收入及盈利續受壓,但中長期而言,該公司持續更新產品組合, “玻璃質感”背蓋(Glastics)及高毛利三防(防水/防塵/防震)精密部件將隨着美國客户旗艦手機於第四季中段發佈,並推出市場,這將成為該公司業務的新增長亮點,有利集團毛利率明年逐步回升,預計金屬外殼出貨量佔比將降至低雙位數。而隨着該公司成功進入三星供應鏈,批量出貨旗下中低檔智能手機 (包括旗下A系列),其他內地客户如小米、Vivo及Oppo陸續推出“玻璃質感”背蓋(Glastics)新手機,預計全年出貨量佔比仍可超過70%,有助帶動業績改善。
該行分別下調通達集團2020及2021年每股盈利預期27.2%及19.6%,以反映手機外殼出貨量、收入及毛利率下調的假設,該行對集團的最新盈利預期較市場預期低約24%及15%,主要由於現時市場綜合預測仍未反映該公司今年仍面臨艱鉅挑戰,及其對收入、毛利率及淨利潤帶來的下行壓力;由於市場流動性轉差,股價年初至今累計跌幅達55%,遠遠跑輸香港上市同業,現價相當於2020及2021年預期市盈率7.3及5.9倍,較上市同業平均倍估值折讓約54及57%,但該公司中長期收入結構可望改善,估值仍可獲重估機會,因此重申其“買入”評級 。
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