《大行報告》富瑞下調創科(00669.HK)目標價至109.87元 評級「買入」
富瑞發表研究報告指,創科實業(00669.HK)管理層重申預期專業工具系列及旗下品牌Milwaukee需求依然強勁,相信2022財年收入增長達中單位數指引可實現,市場份額亦繼續提升,但同時估計DIY市場需求至明年上半年仍處於較低水平。
該行表示,預期創科收入將表現持平,符合預期,Milwaukee的增長繼續成為亮點,今年料實現按年增長20%,當中包裝、儲存及個人防護設備增長速度遠高於電動工具產品。展望未來,Milwaukee的庫存將恢復到更正常水平。至於專業工具方面,管理層亦抱樂觀態度,預期貢獻提升將進一步支持毛利率增長。
富瑞指,最初預測明年公司收入增長率達8.9%,但因應DIY需求疲軟,目前已將預測降至2.9%,同時預計2023年Milwaukee銷售將增長15%,維持2023年每股盈利預測及「買入」評級不變,目標價為109.87元,對應明年預測市盈率約20倍。
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