《大行報告》瑞信降耐世特(01316.HK)評級至「跑輸大市」 目標價下調至4.6元
瑞信發表報告指,耐世特(01316.HK)去年下半年純利按年下跌69%至3,500萬美元,遠低於市場預期;主要令人驚訝之處是毛利率較預期低,按年下跌7.5個百分點,較上半年亦下跌4.6個百分點,至8.4%,為自上市以來最低水平。
該行表示,公司認為毛利率下跌是因原材料成本上升,僅能被客戶恢復(約66%)所部分抵銷。此外,運輸及物流成本也有增加,且生產效益亦因下游車廠暫停生產而受到挑戰。
瑞信降耐世特今明兩年盈測介乎31.6%至50.1%,目標價由13.5元大降至4.6元,以反映下調毛利率預測,投資評級由「跑贏大市」一舉降至「跑輸大市」。
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