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《大行報告》瑞信降FIT HON TENG(06088.HK)目標價至2.17元 評級「中性」
阿思達克 06-01 10:59
瑞信發表研究報告,指FIT HON TENG(06088.HK)首季初步業績顯示毛利復甦較預期慢,收入按年升22%至10億美元,純利按年升6.12倍至1,140萬美元。淨利潤率僅1.1%,低於公司全年的5%目標。報告稱,公司有30%收入敞口來自越南廠房,在5月18至28日間停工,現時僅以20%產能上限營運,但由於在停工時有兩至三周存貨水平,在應付訂單沒有問題。

報告表示,在首季表現疲弱、原料成本上升、越南廠房關停對毛利率及經營利潤率構成壓力下,今年完成淨利潤率目標壓力料加劇。該行料今年公司毛利率將復甦240基點,淨利潤率料3.9%。收入邁向原先指引料按年錄單位數降幅。

瑞信下調2021至2023年每股盈測17%、11%及9%,以反映越南廠房關停及毛利率壓力。目標價由2.6元降至2.17元,維持「中性」評級。

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