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《大行报告》大摩上调创科(00669.HK)目标价至146元 评级「增持」
阿思达克 03-05 10:29
大摩发表的研究报告指,创科实业(00669.HK)对今年展望正面,相信是受惠新产品推出、研发投资及营销等带动增长跑赢同业,维持对公司「增持」评级,目标价由143.5元升至146元。

该行指出公司管理层预期创科将继续跑赢大市,主要受惠新产品推出及持续策略投资,估计相关因素将助公司捕捉更多市场份额。管理层目标今年Milwaukee工具销售可升20%,并期望未来五年每年均可有类似的增长,同时亦期望DIY及户外产品方面增长强势持续。虽然市场担心去年同期比较基础较高,今年上半年或较困难,不过该行相信公司可继续跑赢同业并录正面增长,加上公司已建立庞大库存,意味今年首季及上半年将有较好前景,相信公司今年收入可增20%,跑赢同业。

去年公司毛利率扩阔52个基点,达到其毛利率每年升50个基点的目标,主要因为产品组合及经营效率有改善,估计趋势将在2021及22年持续,主要受惠新产品推出、规模扩张及供应链管理进一步改善。去年经营利润率仅扩张9个基点,主要因为公司策略投资增加,而研发投资方面料今年仍会持续。该行料今年公司毛利率及经营利润率将分别扩张60个基点及48个基点,并带动净利按年升27%。(el/k) ~

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