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《大行報告》瑞信降敏實(00425.HK)評級至「中性」 目標價下調至22元
阿思達克 03-23 10:36
瑞信發表研究報告指出,敏實(00425.HK)去年純利按年增長7.2%,至15億元人民幣,低過市場預期及公司指引。尤其是公司去年下半年純利按年下跌42%至6億元人民幣,主要由於經營利潤率按年跌9.4個百分點。 該行指出,敏實去年下半年毛利率低過預期,主要由於原材料價格高過預期,如中國下半年平均鋁價按年增長34%;公司現有產品年度價格下降;外匯匯兌影響;全球航運和運輸業成本快速增長。展望2022年,該行認爲敏實的上述成本壓力仍然存在,如中國今年首季平均鋁價爲每噸2.23萬元人民幣,較去年下半年平均水平高出約10%,運輸成本亦可能維持在較高水平。 瑞信將敏實2022至2023財年純利預測下調48.7%至49.7%,目標價由48元大幅降至22元,評級由「跑贏大市」下調至「中性」。
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