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創科實業(00669.HK):技術創新驅動的充電式電動工具領導者,給予“收集“評級,目標價119.30港元
格隆匯 11-13 14:23

機構:國泰君安

評級:收集

目標價:119.30港元

創科實業是一家以北美市場為核心的全球電動工具領導者。盡管新興市場潛力巨大,我們認為北美將在未來 5 年內繼續引領全球電動工具市場。我們預計憑藉其良好的品牌定位以及在充電式技術上的戰略聚焦,創科實業將繼續贏得更多市場份額。

創科實業的產品競爭力因持續增加的研發投入和快速擴張的產品系列而得到增強。我們認為創科實業的研發費用率將維持在 3%以上,顯著高於同業。儘管受到電商和新冠疫情的影響,家得寶仍然是創科實業最為強大的分銷渠道。就創科實業的地板護理業務而言,我們認為向充電式和地毯清洗產品的戰略轉移將繼續帶動其好轉。

我們預計創科實業 2019-2022 年收入和股東淨利將分別以 12.5%和 14.7%的年複合增長率增長。我們認為,動力設備的強勁銷售將繼續推動創科實業的收入增長,而地板護理在戰略轉型後將進一步復甦。基於過去十年來優秀的業績表現以及產品持續升級換代的光明前景,我們對創科實業利潤率的持續改善充滿信心。

首予“收集”,目標價為 119.30 港元。我們認為創科實業相對其他主要同業的估值溢價,在其市佔率和利潤率持續提升的較高確定性下是合理的,儘管一旦新冠疫情被疫苗控制後 DIY 需求可能下滑,估值短期內有一定壓力。我們的目標價對應 39.1 倍/ 34.3 倍/ 30.2 倍 的 2020-2022 年市盈率和 7.3 倍的 2020 年市淨率。

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