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大和:重申創科實業(0669.HK)買入評級 目標價下調至200港元
格隆匯 03-03 12:35

大和發表研究報吿表示,創科實業(0669.HK)去年度業績表現符合市場預期,收入按年增長35%至132億美元,淨利潤按年增長37%至11億美元,儘管宏觀因素具挑戰性,但表現仍顯著優於同業,管理層表示其2024年實現收入200億美元的內部目標,即2022至2024年的年複合增長率為15%,認為這是正面的,重申“買入”評級,惟將目標價由220港元下調至200港元。

該行表示,雖然去年下半年許多製造商因供應鏈中斷而陷入困境,但創科實業卻沒有問題,公司去年下半年的毛利率進一步擴大至39%,明顯優於其直接競爭對手SWK,亦認為公司今年能實現雙位數按年增長,這主要得益於其旗下品牌Milwaukee的穩定表現。

該行指出,公司正在積極擴大其在美國的產能,目標為在2024年公司在美國的產將提升至130%,其資本支出在去年按年增長63%至7.47億美元,該行預期公司於2022年至2024年的資本支出每年為6億至7.2億美元。

該行提及,考慮到地緣政治逆風和通貨膨脹等因素,下調公司2022至2023年每股盈利預測4-8%,又指創科實業仍然是行業首選。

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