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耐世特(01316.HK):2020年上半年淨利潤大幅下降,維持“中性“評級,目標價5.40 港元
格隆匯 08-25 09:26

機構:國泰君安

評級:中性

目標價:5.40 港元

耐世特的 2020 年上半年淨利同比下跌 99.0%至 130 萬美元,與盈利預警一致。收入同比下降 33.9%至 12.11 億美元,主要是由於銷量和客户價格的顯著下降,因為新冠病毒疫情導致工廠暫時關閉。按地區劃分,亞太/北美/歐洲、中東和非洲及南美洲地區同比分別下降 24.5%/ 37.7%/ 26.4%。由於無法降低固定成本,毛利率下降 5.7 個百分點至 10.1%。同樣地,銷售、分銷和管理費用佔收入比也增加。期內,因為客户項目取消,公司確認了 3,150 萬美元無形資產的資產減值。從正面看,由於新的税收規定,公司確認了 1,800 萬美元的税收收益。

期望更好的下半年。美國最近幾個月來汽車銷售出現了復甦。6 月至 7 月的收入強勁。由於美國的庫存水平低,產量維持高位。另一方面,當經濟從疫情中恢復過來時,我們預計不會有更多的資產減值。

我們將 2020 年股東淨利潤預測大幅降低 42.6%,但將 2021 年和 2022 年分別略微提高了6.4%和 6.3%。調整後,我們預計 2020 年至 2022 年股東淨利潤分別為 9,900 萬美元/2.19億美元/2.45 億美元。

由於下調盈利預測,我們下調目標價至 5.40 港元,但維持投資評級為“中性”。我們的目標價相當於 8.0 倍 2021 年市盈率,7.1 倍 2022 年市盈率。

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