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《大行報告》花旗下調海天國際(01882.HK)目標價至37元 評級「買入」
花旗發表的研究報告指,與海天國際(01882.HK)首席財務官及投資者關係舉行了電話會議,相信上半年公司業績維持強勁,估計上半年收入及淨利分別增36%及33%至68億元人民幣及13.6億元人民幣。不過,股價自高位跌23%,認爲已反映了訂單於5月及6月溫和減慢,管理層確認該行看法,指短期訂單減緩並非反映上行週期完結或下行週期開始,強調公司在去年第三季亦有類似情況,但去年仍錄20%的收入增長及42%的盈利增長,重申「買入」評級,目標價由40元降至37元。

管理層不同意部分投資者的看法,認爲近期訂單減慢不代表下行週期開始,強調只是正常調整,主要因爲中國客戶在亞洲經濟重啓的情況下,對採購PIMM方面傾向採保守態度,而去年則因爲疫情有大量訂單由亞洲轉向中國。另外中國客戶有採取措施應對原材料成本上升,考慮到訂單可見性有兩至三個月,認爲第三季訂單維持良好勢頭。公司將於8月公佈上半年業績,屆時管理層將透露更多第四季訂單趨勢。

原材料成本方面,由於中國在5月初開始幹預商品價格,包括鋼鐵及銅價,相關商品價格已跌逾10%,管理層認爲第三季原材料成本應下行,在這個情況下將爲利潤上行提供空間。該行將公司2021-23年盈利預測削4-7%,以反映近期訂單減緩,目標價降至37元反映仍有48%的上行空間。(el/u) ~

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