《大行報告》中金首予創科(00669.HK)「跑贏行業」評級 目標價176.7元
中金發表報告,首予創科(00669.HK)「跑贏行業」評級,目標價176.7元,對應估值倍數2022年為32倍市盈率。
報告認為,工具行業需求具有較強穩定性,且龍頭公司具備份額提升空間,看好創科產品優質,盈利能力持續提升。去年公司營收98.12億美元(下同),2015年至2020年複合增長率為14.3%,顯著高於市場增速;純利為8.01億元,2015年至2020年複合增長率達17.7%。 公司毛利率已連續12年提升,由2008年30.8%增長至今年上半年的38.6%,主要原因包括新品推出速度快、中國產業鏈物美價廉及規模化效應顯現。
中金指,行業領先的企業中,創科凈資產收益率與營收增速在全球電動工具頭部品牌中最高,未來淨利潤率、資產周轉率及主要經銷商增長將持續推動公司成長,並料公司未來行業份額有望進一步提升。
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