《大行报告》大和上调创科(00669.HK)目标价至150元 评级「买入」
大和发表研报指,创科(00669.HK)去年下半年收入按年增长42.3%,超出市场预期,下半年盈利更高出该行预测14%,又指在业绩中未见到有负面因素。
报告指出,创科目前为北美最大电动工具制造商,表现超越主要竞争对手SWK,考虑到创科的市场份额一直在增加,而且与竞争对手之间的差距日益扩大,预期可在现今电动工具需求激增的市场下胜出,成为全球最大电动工具制造商。
公司预期将在2021年推出800多款产品,明年可能有逾千款产品,并重申了Milwaukee品牌年销售额增长20%以上,以及毛利率和净利润增长率每年提高50个基点的目标。大和预计,运营成本下降亦将令利润率持续增长,上调2021至2022年每股盈利预测13%至14%,估计2023年每股核心盈利将达到0.89美元,目标价由110元升至150元,重申「买入」评级。
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