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瑞信:上調敏實集團(0425.HK)目標價至27.7港元 評級“跑贏大市”
格隆匯 07-15 15:22

瑞信將敏實集團(0425.HK)目標價由22.95港元上調至27.7港元,維持其“跑贏大市”評級。

瑞信發表研究報告稱,根據敏實集團最新發布的消息,預期公司今年上半年淨利潤同比下跌55至60%,至3.58億至4.02億元人民幣之間,符合瑞信對於該公司的市場預期。盈利下跌的主要因素是由於預期收入受公共衞生事件影響而下跌20至25%,毛利率同時下跌5至7%。

公司將毛利率下跌歸咎於經營負債承壓、產品面臨減價壓力,以及上半年關税上漲至25%等因素。

目前瑞信預期公司下半年業績將會復甦,主要原因為5月和6月中國乘用車的產量已增長11%及12%,同時北美和歐洲的汽車製造商自6月開始一直在提高產能。另外,由於寶馬(BMW)、雷諾(Renault)、戴姆勒(Daimler)及福特(Ford)等公司的大量訂單積壓,預計其鋁電池盒業務將在今年及明年貢獻6億及10億元人民幣的收入。

因此瑞信下調公司2020年盈利預測22%,以反映公司上半年業績疲弱,另外瑞信同時上調其2021至2022年盈利預測1至6%。 

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