《大行报告》汇丰研究首予力劲科技(00558.HK)「买入」评级 目标价14元
汇丰研究发表报告,指力劲科技(00558.HK)在压铸机方面有垄断地位,目前Tesla(TSLA.US)正使用於Model Y底盘的工序上。报告称,力劲科技去年底成为市场焦点,它是Tesla达6,000吨压强压铸机的独家供应商。Giga Press让Tesla可以以单块铝件压铸Model Y底盘,毋须像以往般以70块铝件组装。Giga Press亦加快了Tesla生产及改善电动车结构上的完整性。
报告称,现时仅力劲科技可大量生产逾6,000吨压强压铸机,留意到其他竞争者进入市场,但认为力劲科技维持两至三年的领先优势,因为它是行业先行者及在技术及研发上领先。不过,报告亦料其在高压压铸机市占将由今年的75%收缩至2023年的约50%。考虑更多汽车厂将采用力劲科技的Giga Press,料2021财年总销售按年升92%,2022财年则升27%。
该行预期Tesla2021财年将购入27套Giga Press设备,2022财年购39套,2023财年购50套,贡献力劲科技约40%收入。力劲科技亦与其他汽车生产者接洽。该行料Giga Press在汽车行业渗透率由2020年的0%扩至2025年的20%,总可用市场总量达620亿元。
汇丰称,即使今年力劲科技股价累升493%,但认为Giga Press的潜力仍未获充分反映;首予其「买入」评级,目标价14元。
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