《大行报告》汇丰研究降伟易达(00303.HK)评级至「持有」 上调目标价至81元
汇丰研究发表报告指,伟易达(00303.HK)上年度增长强劲,相信需求来自在家工作与在家学习,以及销售与分销成本下降所致,公司重新将派息比率回复至99%。
该行指,对明年公司订单表现看法正面,虽然玩具行业去年销售表现录高基数,但去年公司电子教育产品(ELP)仍未回复至2018年的水平,相信仍有增长空间。而电信产品(TEL)业务则见温和复苏,当中商用电话的需求抵销家用电话的跌幅;代工生产服务(CMS)方面,公司完成收购墨西哥厂房,有助扩张扩音器的供应。
该行表示,因应行业原材料供应紧张,特别是半导体与LCD,令公司或未能完成订单,甚至令毛利受压,降2022至23年度毛利预期分别1.1个百分点及0.5个百分点,至29.4%及30%,但盈利预测上调13%至18%以反映订单增长及经营开支更有效率,目标价由70元升至81元,评级由「持有」升至「买入」。
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