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《大行報告》瑞信下調德昌(00179.HK)目標價至9元 評級「中性」
阿思達克 05-13 10:43
瑞信發表評級報告指,德昌電機(00179.HK)在2021/22財年純利按年跌31%至1.46億美元,當中由於毛利率按年下跌3.8個百分點至19.4%,創下十年來最低水平,以致2021/22年度下半年純利按年下跌52.5%、按半年跌43%至5,300萬美元。 公司將毛利率收縮歸咎於原材料成本上升,半導體持續短缺,運費上升,以及勞工成本上升及加班開支。另內地疫情爆發及相關封城致工廠關閉,干擾全球供應鏈及公司經營。展望未來,公司料外圍帶動的挑戰及干擾持續,如全球通脹升溫。公司對毛利率展望保守,即使德昌可以將原材料成本上升部分轉嫁予下游客戶。 該行表示,由於降低利潤率假設,該行將公司今明兩財年盈測下調6.9%及7.5%,並將其目標價由11元下調至9元,維持「中性」評級。
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