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《大行報告》大摩上調海天國際(01882.HK)目標價至35元 評級「增持」
阿思達克 03-03 10:02
摩根士丹利發表研究報告指,預期海天國際(01882.HK)2020年下半年至2021年收入及淨利將錄雙位數增長,主要受惠本地下游需度復甦及資本開支擴張,同時海外業務亦料有反彈,將目標價由20元升至35元,評級「增持」。該行指出公司作為全球最大塑膠注射製模生產機器的生產商,將受惠對塑膠處理器需求增加,而公司在下游的接觸面較廣,涉及汽車、家電、消費者電子用品等,相關類別在去年下半年亦有顯著復甦,生產按年增長8%、27%及9%,而伊之密(300415.SZ)早前公布去年收入按年升29%,淨利增長61%,反映行業向好,預期海天國際生產日程滿荷,同時海外業務今年亦會顯著向上。

該行將公司2020至2022年盈利預測升10%至14%,以反映對其注射製模生產機器收入預測提升,中期看好公司市場份額提升,估計在海外市場將受惠平均銷售單價較外國同業低,而本地市場則可受惠產品升級及本地化趨勢,認為去年下半年毛利率維持穩定,展望受惠產品組合改善,毛利率有望進一步擴張。

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