《大行報告》美銀證券下調敏實(00425.HK)目標價至41元 評級「買入」
美銀證券發表的研究報告指,敏實集團(00425.HK)上半年儘管受芯片短缺及OEM生產調整影響,收入仍增37%,期內毛利率按年擴張5.3個百分點至31.9%,不過較去年下半年收窄1.9個百分點,反映成本上升,不過公司於去年第四季已鎖定部分低成本鋁庫存,相信可部分抵銷成本提升的影響。
上公司上半年經營開支比率顯著提升至20.4%(去年上半年18.1%),主要因為物流開支較高。公司上半年錄2.13億元人民幣出售附屬收益。期內經營收益升110%,較該行預測高11%,淨收益9.01億元人民幣,較該行預測高9%。
公司重申重要指引,包括今年收入增長10%、淨利增長20%,毛利率維持30-32%,資本開支則為30億元人民幣。公司上半年新業務訂單達59億元人民幣,當中有48%是來自新能源車,管理層將2021年訂單目標由75-85億元人民幣,升至95-100億元人民幣。
考慮到上半年業績,該行微降下半年及明年盈利預測,主要認為毛利率或受壓,不過將2023年電池方面的利潤估算提升,目標價由42元降至41元,重申「買入」評級,相信公司可有穩健增長。(el/u) ~
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