中金:上調創維集團(0751.HK)今明兩年盈利預測 評級升至跑贏行業
中金公司研報指,將創維集團(0751.HK)目標價上調168%至6.94港元,評級升至“跑贏行業”。
中金稱,創維去年佈局農村户用光伏市場,今年光伏業務迅速發展,今年首3季光伏業務收入21.9億元人民幣,成為户用光伏行業的新龍頭。該行指,今年為光伏發電平價上網的元年,看好光伏產業鏈成本下降令户用光伏收益率提升。該行預計行業2021、2022及2023年户用光伏新增裝機分別為18、24及32吉瓦(GW),料創維2021、2022及2023年分佈式光伏出貨量1.7、3.4及4.5吉瓦,相當於營收46億、89億及117億元人民幣。
另外,該行指集團為全球黑色家電龍頭,業務主要包括生產及銷售彩色電視和機頂盒。其彩色電視及機頂盒業務受到面板成本上升、晶片短缺等因素影響,盈利能力偏弱,但預計明年的盈利能力將改善。
基於集團光伏業務勝預期,該行上調對其2021及2022盈利預測3%及20%,至10.3億及14.3億元人民幣。目前股價相當於2021及2022年10.5倍及7.5倍市盈率。

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