標普料耐世特(01316.HK)盈利能力或難在未來18-24個月內恢復至疫情前水平
標普表示,供應鏈持續動盪及成本上漲可能放緩耐世特(01316.HK)盈利復甦步伐,未來6-12個月,該全球汽車零部件製造商的利潤將因此承壓,評級緩衝空間也將保持較窄水平,不過預計耐世特在2022年將保持淨現金頭寸和自由現金流盈餘。
鑑於半導體採購持續遭遇瓶頸,標普此前對2022年全球輕量車產量保持中高個位數增速的預期面臨下行風險,俄烏衝突導致全球汽車供應鏈面臨更多動盪,引發近幾週耐世特汽車的某些美國和歐洲客戶的部分工廠臨時停產和減產。
標普認為,耐世特汽車的盈利能力或難以在未來18-24個月內恢復至疫情前水平,儘管公司在衝突地區的直接敞口很小,但汽車整車廠商生產計劃的不確定性降低了耐世特汽車的運營效率,利潤率恢復到2020年之前的9%的水平或將要推遲至2024年方可實現。
不過標普指出,堅實的市場地位和良好的資產負債表表現仍是耐世特汽車的信用優勢所在,2021年末公司的在手訂單量創268億美元的歷史新高,約為收入的8倍,從而為未來3-5年的收入增速提供了良好的可預見性。持續向先進駕駛輔助系統、電動車相關產品及新客戶滲透也預示著公司市場份額可能提升,在2021年4月提前償還債券後,公司穩健保持著淨現金頭寸和較低的債務規模,其較低的槓桿率和審慎的財務風險管理能力,或能使公司有一定靈活性以應對宏觀運營環境的不確定性。
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