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《大行報告》大和下調敏實(00425.HK)目標價至35元 評級「買入」
阿思達克 06-24 13:59
大和發表報告,由於敏實(00425.HK)4月和5月減產,預計其2022年上半年收入按年下降4%,淨利潤按年下降28%,下半年則有強勁反彈。該行下調集團2022-23年收入預測5%至6%,目標價由36元降至35元,維持評級「買入」。 該行認爲,敏實目前的1年預測市盈率落後於其他汽車零部件公司,隨着下半年鋁價可能處於下行趨勢,集團開始批量交付電池盒,其盈利按半年將有所改善。敏實預料2022年上半年的毛利率將從2021年下半年27%低位反彈。 大和預測,敏實2022年全年收入按年增長18%(敏實指引按年增長30%),和淨利潤增長4%,這意味着2022年下半年的淨利潤按年增幅達74%。該行認爲,電池盒的大規模交付和海外工廠的額外收入將成爲下半年主要增長動力。
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