大和:重申互太紡織買入評級 目標價下調至3.4港元
大和發表研究報吿,將互太紡織(1382.HK)目標價從5.95港元下調至3.4港元,相當於市盈率8倍;基於前景改善及2023財年股息率11%,認為股價下行空間有限,重申“買入”評級。
大和稱,互太紡織2023上半財年淨利潤按年跌29%至2.48億港元,符合盈警中的預測,期內收入跌12.7%至28億港元,主要由於銷量跌22.3%,但部分被平均銷售價格升12.4%抵銷。與上半財年比較,集團管理層估計下半財年的銷量、收入及盈利大致持平,但明年4月開始訂單重新加快增長。
該行料集團2023財年的出貨量按年跌18%,而2024財年增長5至10%。平均售價方面,2023上半財年達到每磅41元的10年高位後,料未來會輕微下降。隨着原材料價格及運費成本下降,加上2024財年利用率改善,該行估計其2024財年毛利率回升至14%(2023財年預測為12%)。 該行下調對集團2023至2024財年盈利預測30至40%,因出貨量及毛利的預測較低。

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