《大行報告》匯豐研究下調海天國際(01882.HK)目標價至23.8元 評級「買入」
匯豐研究發表研報,指海天國際(01882.HK)去年下半年業績勝預期,但預期今年收入將受到去年高基數、疫情不確定性及物流成本上升所影響,預測今年收入將按年跌3%,並預期上升週期將於今年上半年結束。
該行指出,由於鋼價持續高企,認爲公司今年毛利率將繼續受壓,雖然公司去年已上調銷售均價以應對不斷上漲的原材料成本,但今年並未有考慮再次調價,預計今年度毛利率將按年下降0.1個百分點至32.1%。
匯豐研究表示,維持對海天的「買入」評級,認爲新廠房落成將爲未來發展做好準備,今年將推出可回收塑料機,作爲行業的領導者,新產能將有助於其在未來獲得更多市場份額,以現金流折現率計,目標價由26元下調至23.8元,以反映上調新工廠建築資本開支預測。
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