交銀國際:海豐國際(1308.HK)去年利潤超預期 升目標價至26.43港元
交銀國際發表研究報吿表示,海豐國際(1308.HK)去年淨利潤按年增長59.8%至3.52億美元,超出市場和該行預期;由於下半年貨量加速回升,全年收入按年增長8.5%至16.86億美元,而毛利率更達歷史新高的26.4%,主要因為燃油價格和設備及貨物運輸成本的下降,該行將海豐國際目標價由21.9港元上調至26.43港元,維持買入評級。
報吿指,管理層對2021年的前景保持樂觀,並相信貨運量和運價均會顯著增長。而該行對海豐長期合同談判的結果持樂觀態度,這可以確保2021年實現利潤增長。長遠來看,自有船舶比例的提升將增強公司相對同業的成本優勢,並進一步提升毛利,該行上調其2021-22年的運量和運費預測。

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