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《大行報告》摩通下調創科(00669.HK)目標價至192元 評級「增持」
阿思達克 03-09 10:07
摩根大通表示,在減碳推動下加速採用電動工具產品,以及最近石油和天然氣價格飆升,創科實業(00669.HK)預計未來5年的增長可見度很高,並且正在加速自動化和某些生產的回流,以減輕供應鏈中斷並降低其碳足跡。該行維持創科「增持」評級,將目標價由222元下調至192元,此按現金流折現率作估值。 該行認為,鑑於美國預期會加息和地緣政治緊張局勢加劇,創科在拓展業務上顯得有些進取,不過其擁有可靠的往績。 摩通引述創科管理層指,俄羅斯與烏克蘭衝突的影響對其影響並不重大,而在油價上漲的環境下,由於美國鑽探和生產率顯著回升,對工具升級和更換的需求增加,公司可能會受益。 摩通預計,創科未來幾年的收入複合年增長率將保持在中雙位數左右,而毛利率的擴張將繼續受到其強大的產品管線的支持,公司正在加速其全球生產佈局轉變,到2023年,其在中國的敞口將減少至28%-30%,越南為27%,美國或墨西哥為15%,同時大力推動自動化。
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