《大行报告》瑞信升通达(00698.HK)评级至「跑赢大市」 目标价上调至0.72元
瑞信发表研究报告指,通达(00698.HK)去年下半年收入按年增长9%,较该行及市场普遍预期高出9%,毛利率按年升3个百分点,与上半年比较更提升3.9个百分点,胜过市场预期,收入及毛利率改善带动净利高出该行及市场预期32%及25%。
报告指出,期内受惠於美国智能手机OEM出货量及平均售价上升,手机外壳业务收入较上半年增长40%,同时家用和体育用品也实现可观增长。瑞信表示,考虑到市场复苏,公司已重返增长周期,美国客户需求好过预期,以及全球较低端安卓手机销量回弹,将其评级由「中性」升至「跑赢大市」。
瑞信将通达2021至2022年净利润预测分别提升6%及7%,以反映出货量及利润率胜预期,目标价由0.51元上调至0.72元,并预期主要客户的物联网业务将成为今年下半年催化剂之一。
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