郭思治: 租新廠房滿足大增訂單 麗年盈利前景可期(更新)
香港股票分析師協會副主席郭思治稱,麗年國際(09918.HK)主要從事提供電子製造服務及一站式解決方案,並專注於消費電子產品,涵蓋的產品應用範圍包括霧化產品、電器、商業控件及暖通空調等。得益於全球經濟逐步回暖,該公司去年主要客戶及新客戶的銷售訂單顯着增加,從而實現盈利按年增加近13倍至超過2,000萬港元,增幅驚人。細看麗年業績,雖說盈利大升是因爲去年基數較低,要再獲得類似倍數增長不易,但看公司的收入增長,是切切實實的三成增幅。而今年顯然是全球經濟加速回暖且報復式收復失地的一年,可以預料,該公司今年收入將進一步提升。
事實上,即使撇除經濟回暖的因素,麗年是一家積極上進的上市公司,過去兩年在疫情低潮中積極擴大收入來源。根據其2021年年報披露,麗年已與TalentoneTechnology Limited達成合作,後者已獲得一美國上市兼財富榜百強公司的許可,可於其日常業務過程中作爲批發分銷商在某些產品中使用許可商標,麗年認爲這是公司在高端地板護理產品領域(其中包括真空吸塵機)獲得絕佳增長機會。因爲Talentone在70多個國家的1,200多個地點分銷帶有其許可商標的產品,換言之,麗年的能力和業務版圖可實現極大擴展。
由於公司於國內的現有生產設施預計於不久的將來飽和,爲了滿足不斷增長的訂單需求及滿足開發自主品牌產品等計劃,公司昨天(10日)公佈,通過訂立新租賃協議及新增生產廠房,在現有生產廠房附近租賃了總建築面積爲21,442平方米的物業,爲期五年,合共租金總額約4,244萬港元。產房的增加將大大提升產能及集團研發能力,生產效率自然更高,靈活性更強,產品質素更穩定,更能滿足電子製造服務增加的市場需求。
麗年表示,租金將由內部資源撥付。公司財務穩健,現金水平在上市兩年多來均超過2億多港元,此租金成本並不會造成壓力。更驚喜的是,在最艱難的兩年,公司依然大方派息回饋股東,今年每股股息0.0025港元,合共派息500萬港元。因此,從基本面來看,麗年現有股價將有很大的增長動力。公司公佈業績後股價曾攀升並回到0.1港元以上,但一段時間處於牛皮階段,上一個交易日(10日)收報0.095港元,是未能反映業績表現及盈利潛力的價位。建議趁低吸納,靜待麗年接下來的業績收成期,目標價0.15港元。
(筆者爲證監會持牌人)~
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