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《大行報告》大和首予力勁科技(00558.HK)「買入」評級 目標價26元
阿思達克 07-29 11:48
大和發表研究報告,首予力勁科技(00558.HK)「買入」評級,目標價26元,指其作為特斯拉(TALS.US)車身壓鑄機Giga Press獨家供應商,力勁是美國車廠製造創新的核心夥伴。其他車廠亦考慮採用該生產方法,因可節省每車生產成本20%及更具經營效益,料力勁是潛在受惠者。

報告稱,由特斯拉及其他代工生產商(OEM)的需求大過預期,料屬催化劑。特斯拉加快推出新車款,更多車款採用大型壓鑄技術,以及產能擴張快過預期,將刺激車身壓鑄機需求。去年特斯拉從力勁獲得14台大型車身壓鑄機,料至2023年特斯拉將從力勁增購67台,為2022至2024財年帶來12億至24億元收入貢獻。該行料其他車廠,包括寶馬、大眾汽車及蔚來汽車(NIO.US)或採用有關技術,特別是新能源車。此外,據IDC預測,至2025年中國將興建540萬台5G基站,需要較4G基站更大型的壓鑄機,料有關需求在2022至2024財年為力勁帶來14億至20億元收入。

大和另預期產品組合升級有利力勁毛利率,其大型壓鑄機毛利率35%,其他壓鑄機毛利率介乎20%至25%,隨著大型壓鑄機需求增加,料產品組合將改善。假設大型壓鑄機收入佔比由2021財年的27%擴至2024財年的51%,料其整體毛利率將由2021財年的28%擴至2024財年的34%。

報告料力勁2022至2024財年收入分別60.66億、76.48億及87.6億元,純利分別5.63億、8.04億及10.07億元。

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