《大行報告》中金首予創科(00669.HK)「跑贏大市」評級 目標價176.7元
中金髮表研究報告,首次給予創科實業(00669.HK)「跑贏大市」評級,指出公司產品質量高,盈利能力持續提升,旗下多個品牌在各自行業中均取得市場領先地位,整體毛利率已連續12年錄得增長,由2008年的30.8%提升至今年上半年的38.6%,相信主要是由於產品的快速推出、中國供應鏈高價值及規模效應所致。
該行認爲,全球電動工具市場規模龐大,並將穩步增長,其中創科的市場佔有率最高,達16.1%,去年股本回報及收入增速均超過全球同業,因此看好其增長潛力,預期淨利潤率、資產週轉率和主要分銷商持續增長。
中金預計,創科實業今年每股盈利可達到4.61元,明年提升到5.52元,年複合增長率達27%,給予目標價176.7元,對應2021及20222年預測市盈率爲38倍及32倍。
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