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《大行報告》匯豐研究下調創科(00669.HK)目標價至117元 指美通脹高企損股盈增長
阿思達克 06-17 14:31
匯豐研究發表報告,將創科(00669.HK)目標市盈率由22.7倍下調至18.2倍,由於美國通脹高企,導致DIY工具需求疲軟,將其2022年銷售按年增長預測從14.9%下調至12.1%,由於DIY產品產能擴張放緩,預計資本支出將從2021年的7.47億美元降至2022年的5.62億美元。該行將創科目標價由151元下調至117元,維持評級「買入」。 匯豐研究認為,由於天氣寒冷,認為上半年的戶外設備需求將弱於市場預期,但下半年可能受益於被壓抑的需求,預計專業工具需求將保持強勁,並預測Milwaukee在2022年將按年增長20%,因為商業和工業建築的需求保持不變。 匯豐研究認為,由於DIY工具需求放緩導致競爭對手從供應商訂購的零部件減少,而且運輸成本也趨於穩定,供應鏈的緊張程度正在改善。另外估計創科不會在短期內提高現有SKU的平均售價,認為毛利率擴張的主要驅動力將來自產品組合和新SKU的推出和Milwaukee均享有高於公司整體的毛利率,估計它們的增長速度都將高於整體收入。該行繼續預測創科2022年毛利率將按年增長0.5個百分點至39.3%。
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