《大行報告》大和下調敏實(00425.HK)目標價至36元 評級「買入」
大和發表研究報告指,敏實(00425.HK)去年新增訂單額達106億元人民幣,預期今年2月底止累計有1,500億元訂單將交付,電池外殼訂單累計達到450億元人民幣,客戶包括日產、戴姆勒、寶馬等,訂單主要來自平臺,反映客戶粘性較高。
公司預期2022年收入將按年增長 30%,增長目標有一半來自電池外殼,由於電池外殼毛利率相對較低,預期將拖累2022至2024年綜合毛利率下降。敏實的塑料業務去年收入增長13%,去年將業務拓展至副車架、後縱樑及電池端板等,目前共獲得8個平臺訂單,涉及總價10億元人民幣,並考慮在未來拓展至製造滑板底盤等壓鑄件。
大和補充,將其2022至2023年收入預測削減13%,淨利潤預測下調27%至33%,認爲今年上半年全球物流價格將保持高位,將對全年毛利率造成不利影響。目標價相應由55元降至36元,重申其「買入」評級。
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