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Market News"Daxing report" Credit Suisse sublimated Hong Hong (01347.HK) to "outperform the market" target price to maintain 29 yuan
Market News"Daxing report" Credit Suisse sublimated Hong Hong (01347.HK) to "outperform the market" target price to maintain 29 yuan"Daxing report" Credit Suisse sublimated Hong Hong (01347.HK) to "outperform the market" target price to maintain 29 yuan
阿思達克 10-12 12:57
According to a research report released by Credit Suisse, 01347.HK 's sales in the third quarter are expected to move towards at least 0.7 per cent quarter-on-quarter growth, benefiting from improved sales mix and average sales prices, as well as continued solid demand, and last quarter's gross profit margin is expected to be close to the top of the guidance between 33 and 34 per cent. Sales in the last quarter are expected to grow by 1% on a quarter-on-quarter basis, and the average sales price continues to grow, offset by zero capacity growth during the quarter and a gross profit margin of 30%.
The report maintains Huahong's forecast for annual sales growth of 51.8 per cent to $2.5 billion this year, but orders are expected to fall 7 per cent quarter-on-quarter in the first quarter of next year, and order growth for the whole of next year is expected to slow to 7.9 per cent.
Taking into account the expected capacity expansion next year, accelerated local production, and the potential A-share listing as a catalyst, Credit Suisse maintained Huahong's annual earnings forecast for 2022-2024, but upgraded its investment rating from "neutral" to "outperform the market". The target price is maintained at 29 yuan. However, the main storm is the high inventory level.
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