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《大行报告》瑞银上调创科(00669.HK)目标价至158元 评级「买入」
阿思达克 02-23 09:38
瑞银发表的研究报告指,对创科实业(00669.HK)看法转向更正面,短期而言相信美国家居改造市场需求强劲,而专业化需求亦会加快,带动公司盈利有正面惊喜,中期而言则料公司可跑赢同业,而定位亦良好可受惠电动车电池改善造成的溢出效应,考虑到美国潜在有基建刺激等,将公司2020-25年盈利预测升2-8%,2021年预测市盈率为31倍,认为市场未完全反映其强劲增长前景及高科技性质,目标价由130元升至158元,评级「买入」。

该行指出其主要工具中,电池对用户需求有最大影响,消费者要求更高效能、更长使用时间等,而近期电动车行业在电池方面的改进,有望溢出至其他行业,该行仔细研究後认为电动车电池的改善,有机会令工具电池能量密度提升逾50%,其渠道调查专家亦认为公司可带领电池技术革新,并助抢占更多市场份额。

瑞银估计基於拜登的竞选宣传及美国基建状况较差等,估计很大机会美国会推大型基建刺激措施,并带动创科的业务。该行认为近年公司对住宅市场的依赖逐步降低,而非住宅类工程亦有所提升,估计2019年大约四成收入是来自非住宅类工程,加上新的MX FUEL平台亦主打轻型工程工具市场,估计公司定位良好可受惠美国潜在基建潮。(el/k) ~

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