《大行报告》大摩上调海天国际(01882.HK)目标价至35元 评级「增持」
摩根士丹利发表研究报告指,预期海天国际(01882.HK)2020年下半年至2021年收入及净利将录双位数增长,主要受惠本地下游需度复苏及资本开支扩张,同时海外业务亦料有反弹,将目标价由20元升至35元,评级「增持」。该行指出公司作为全球最大塑胶注射制模生产机器的生产商,将受惠对塑胶处理器需求增加,而公司在下游的接触面较广,涉及汽车、家电、消费者电子用品等,相关类别在去年下半年亦有显着复苏,生产按年增长8%、27%及9%,而伊之密(300415.SZ)早前公布去年收入按年升29%,净利增长61%,反映行业向好,预期海天国际生产日程满荷,同时海外业务今年亦会显着向上。
该行将公司2020至2022年盈利预测升10%至14%,以反映对其注射制模生产机器收入预测提升,中期看好公司市场份额提升,估计在海外市场将受惠平均销售单价较外国同业低,而本地市场则可受惠产品升级及本地化趋势,认为去年下半年毛利率维持稳定,展望受惠产品组合改善,毛利率有望进一步扩张。
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