《大行报告》高盛上调海天国际(01882.HK)目标价至33元 评级「买入」
高盛发表研究报告指,海天国际(01882.HK)去年收入、经营溢利及净利润分别按年增长20%、52%及36%,大致上符合预期。期内本地及出口销售额分别增长31%及2%,当中越南及土耳其为主要增长市场,按销量计按年增长约28%及200%,而印度及巴西则因疫情而有所倒退。受中小型吨位机器销售占比较高影响,平均售价按年下跌9%。
该行指出,公司对今年前景乐观,未来三个月订单情况反映终端需求有所复苏,在国内汽车市场特别是新能源汽车行业所带动,大吨位机器产品销售情况亦自去年底起恢复增长,相信今年首季订单情况较去年下半年改善。
去年度毛利率按年提升2.7个百分点至34.2%,高盛预期今年度毛利率将因大宗商品价格上升而受压,其中上半年影响较大,考虑到下游需求强劲,预期公司会透过提升平均售价约3%至5%来转嫁影响。高盛维持「买入」评级,目标价由30元升至33元。
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