中金公司:升津上機牀中國(1651.HK)目標價至9.17港元 維持跑贏行業評級
中金公司研究報告指,上調津上機牀中國(1651.HK)目標價21.5%至9.17港元,維持跑贏行業評級。
中金表示,集團2021上半財年收入按年增28.2%至13.79億元人民幣(下同);淨利潤增47.3%至1.48億元,符合該行預期。製造業投資回升,帶動集團機牀市場需求由2020財年低谷復甦。而受惠於產品結構改善,2021財年上半年毛利率增1.4個百分點至23.3%。
該行研究發現,製造業固定資產投資一般滯後工業企業利潤兩個季度,認為製造業固定資產投資恢復持續至2021年第四季,支撐機牀需求。另外,管理層對2021下半財年發展前景持樂觀態度,看好3C電子和汽車板塊資本支出擴張前景,認為復甦趨勢可持續至明年。
該行維持對其2021財年及2022財年盈利預測不變,目前股價相當於2021財年及2022財年市盈率10.1倍及7.5倍。考慮疫情推動下游企業自動化,維持其評級及上調目標價。

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