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《大行報告》大摩上調創科(00669.HK)目標價至146元 評級「增持」
阿思達克 03-05 10:29
大摩發表的研究報告指,創科實業(00669.HK)對今年展望正面,相信是受惠新產品推出、研發投資及營銷等帶動增長跑贏同業,維持對公司「增持」評級,目標價由143.5元升至146元。

該行指出公司管理層預期創科將繼續跑贏大市,主要受惠新產品推出及持續策略投資,估計相關因素將助公司捕捉更多市場份額。管理層目標今年Milwaukee工具銷售可升20%,並期望未來五年每年均可有類似的增長,同時亦期望DIY及戶外產品方面增長強勢持續。雖然市場擔心去年同期比較基礎較高,今年上半年或較困難,不過該行相信公司可繼續跑贏同業並錄正面增長,加上公司已建立龐大庫存,意味今年首季及上半年將有較好前景,相信公司今年收入可增20%,跑贏同業。

去年公司毛利率擴闊52個基點,達到其毛利率每年升50個基點的目標,主要因為產品組合及經營效率有改善,估計趨勢將在2021及22年持續,主要受惠新產品推出、規模擴張及供應鏈管理進一步改善。去年經營利潤率僅擴張9個基點,主要因為公司策略投資增加,而研發投資方面料今年仍會持續。該行料今年公司毛利率及經營利潤率將分別擴張60個基點及48個基點,並帶動淨利按年升27%。(el/k) ~

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