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野村:升敏实(0425.HK)目标价至34.5港元 评级买入
格隆汇 09-01 12:50

野村发表研究报告指,敏实集团(0425.HK)下半年将有良好复苏,管理层亦为电动车及先进驾驶辅助系统发展计划提供更清晰的路线图。该行将其评级由中性上调至买入,目标价由23港元上调至34.5港元,又指是中国汽车零部件领域的首选。

野村指,虽然出现新冠肺炎疫情,但敏实的欧盟业务仍扭亏为盈,上半年的毛利率比去年下半年上升5.1个百分点至22.8%,主要由于塞尔维亚新工厂的前期及启动成本摊薄,由于新产品的逐步商业化和代工生产,预计毛利率将在下半年进一步扩大。该行将2020及21年纯利预测分别下调33%及21%;收入预测分别下调18%及16%;毛利率分别下调4及2.8个百分点。

野村指,尽管敏实的潜在订单很大,管理层仍维持全年80亿元人民币的目标,以确保产品质量。另外,集团在6月进入了特斯拉的供应链,预定明年上半年在特斯拉的柏林超级工厂进行商业化。在铝电池外壳业务方面,敏实还得到了宁德时代的订单。

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