《大行報告》匯豐研究下調海天國際(01882.HK)目標價至22.8元 評級「買入」
匯豐研究發表研究報告指,由於上海第二季度大部分時間都處於封鎖狀態,對長江地區下游需求,例如家電、日用消費品及汽車訂單都產生負面影響,認為中小企的生產受到最大影響,市場對注塑機的需求在今年3月份、即封城之前已經見頂。
該行指出,年初至今海天國際(01882.HK)的生產輪班班次減少,上半年新訂單量按年跌幅更達到雙位數,因此預計上半年公司銷售額將按年下跌約15.5%。
匯豐研究指,雖然各地推出刺激經濟及支持樓市的措施,可能會帶動家用電器和消費必需品的需求,從而提升製造商對注塑機的需求,預測下半年收入可較上半年增長13%,但由於目前仍未看到下游需求的廣泛復甦,現時僅估計收入按年增長0.6%。
另外,由於鋼價持續走高,海天的毛利率預期持續承壓,預計全年毛利率將降至31.6%。在需求疲軟及利潤率壓力下,該行下調海天盈利預測,目標價降至22.8元,維持「買入」評級。
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