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《大行報告》大和升耐世特(01316.HK)評級至「跑贏大市」 目標價下調至9.9元
阿思達克 08-20 16:10
大和發表研究報告指,耐世特(01316.HK)上半年新增訂單總額達13.4億美元,顯示市場份額不斷提升。 該行指,耐世特亞太區業務EBITDA利潤率維持穩健,達20.6%,但上半年歐洲,中東及非洲與北美市場EBITDA利潤率分別下跌至6.4%及10.7%,主要由於運輸及原材料成本上升。 管理層對全年新訂單增長指引為64億美元,大和認為,芯片短缺情況仍存在,預期耐世特的毛利率於第三季將繼續受壓。 大和上調耐世特評級由「持有」升至「跑贏大市」,但下調目標價由12元降至9.9元,在芯片短缺的環境下將2021至2022年收入預測上調8%至12%,但將純利預測下調8%至16%,預期毛利率將分別降至14.5%及15.8%。
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