《大行報告》大和上調創科(00669.HK)目標價至150元 評級「買入」
大和發表研報指,創科(00669.HK)去年下半年收入按年增長42.3%,超出市場預期,下半年盈利更高出該行預測14%,又指在業績中未見到有負面因素。
報告指出,創科目前為北美最大電動工具製造商,表現超越主要競爭對手SWK,考慮到創科的市場份額一直在增加,而且與競爭對手之間的差距日益擴大,預期可在現今電動工具需求激增的市場下勝出,成為全球最大電動工具製造商。
公司預期將在2021年推出800多款產品,明年可能有逾千款產品,並重申了Milwaukee品牌年銷售額增長20%以上,以及毛利率和淨利潤增長率每年提高50個基點的目標。大和預計,運營成本下降亦將令利潤率持續增長,上調2021至2022年每股盈利預測13%至14%,估計2023年每股核心盈利將達到0.89美元,目標價由110元升至150元,重申「買入」評級。
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