《大行報告》匯豐研究首予力勁科技(00558.HK)「買入」評級 目標價14元
匯豐研究發表報告,指力勁科技(00558.HK)在壓鑄機方面有壟斷地位,目前Tesla(TSLA.US)正使用於Model Y底盤的工序上。報告稱,力勁科技去年底成為市場焦點,它是Tesla達6,000噸壓強壓鑄機的獨家供應商。Giga Press讓Tesla可以以單塊鋁件壓鑄Model Y底盤,毋須像以往般以70塊鋁件組裝。Giga Press亦加快了Tesla生產及改善電動車結構上的完整性。
報告稱,現時僅力勁科技可大量生產逾6,000噸壓強壓鑄機,留意到其他競爭者進入市場,但認為力勁科技維持兩至三年的領先優勢,因為它是行業先行者及在技術及研發上領先。不過,報告亦料其在高壓壓鑄機市佔將由今年的75%收縮至2023年的約50%。考慮更多汽車廠將採用力勁科技的Giga Press,料2021財年總銷售按年升92%,2022財年則升27%。
該行預期Tesla2021財年將購入27套Giga Press設備,2022財年購39套,2023財年購50套,貢獻力勁科技約40%收入。力勁科技亦與其他汽車生產者接洽。該行料Giga Press在汽車行業滲透率由2020年的0%擴至2025年的20%,總可用市場總量達620億元。
匯豐稱,即使今年力勁科技股價累升493%,但認為Giga Press的潛力仍未獲充分反映;首予其「買入」評級,目標價14元。
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