《大行报告》花旗上调伟易达(00303.HK)目标价至84元 评级「买入」
花旗发表的研究报告指,伟易达(00303.HK)2021财年净利按年升22%至2.31亿美元,期内收入增长10%至23.72亿美元,均好过该行预期。更重要的是公司宣派末期息每股0.74美元,令全年派息增至0.91美元,相当於派息比率近99%,该行将公司2022-23财年盈利预测升11-12%,并引入2024财年的预测,估计未来三年每股盈利的年复合增长将为3%,目标价由68元升至84元,评级「买入」。
该行引述公司指,虽然各分部订单均强劲,但半导体及LCD显示屏均现短缺,2022财年收入将较难预测。不过,该行估计公司2022年收入将增7%,主要因为零件短缺主要在於CMS分部,对其核心业务影响相对较细。花旗料受原材料成本上升影响,公司毛利有机会收窄,但认为2022财年毛利将於2021下半财年类似。
该行指出受惠美国向市民「派钱」1,400美元,将惠及公司B2C业务多於其B2B业务,估计终端需求的影响将反映在2022财年业绩上。另一方面,公司CMS业务相对需要较多不同晶片组,所以将受半导体供应链影响较深。(el/u) ~
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