大行評級 | 大和:看淡創科實業下半年消費業務 降目標至110港元
格隆匯11月9日丨大和發研報指,創科實業(0669.HK)首席執行官Joe Galli出席了由大和舉辦的投資者會議,所有跡象表明集團旗下品牌Milwaukee將繼續跑贏行業,而消費領域則面臨因零售庫存增加和疫情導致的高基數效應而帶來的暫時挑戰。然而,該行相信集團的利潤率擴張趨勢維持不變,認為其股價已觸及近期的底部,對長期投資者而言是吸引的入場時機。報吿預計,今年下半年,集團的消費者和商業板塊收入將按年顯著大跌,頹勢更可能至少持續至明年上半年。根據管理層在8月時的説法,Milwaukee目標今年收入將按年增長20%,這意味着市場份額將大幅提升。由於外匯以及家得寶(Home Depot)交付時間提早影響,Milwaukee下半年隱含收入或只增長逾10%,低於上半年26%的增幅。
報吿又指,儘管近期面臨不利因素,但集團的利潤率擴張狀況並沒有改變,管理層仍然有信心實現毛利率按年增長50個基點的目標,認為集團長遠能提供至少12%的營業利潤率。
大和下調創科實業2022-24年的每股盈利預測3%-9%,以反映消費者業務疲弱,重申“買入”評級,但將目標價由135港元下調18.5%至110港元。

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