《大行報告》匯豐研究下調泉峰控股(02285.HK)目標價至50.3元 評級「買入」
匯豐研究發表研報指,泉峰控股(02285.HK)日前宣布折讓11.6%配售最多2,083.5萬股,籌集約7.73億元,預期將有助於提升公司流動性及交投,維持「買入」評級,目標價由54.8元下調至50.3元。
該行指出,行業需求放緩,去庫存仍在繼續,料影響泉峰的電動工具業務,將去年下半年電動工具業務收入預測從按年跌6%進一步下調至8%,並將戶外動力設備(OPE)收入增長預測從35%下調至24%,公司去年下半年及全年收入預測則增長8%及12%。
展望2023年,匯豐研究認為電動工具去庫存可能至少會持續至今年上半年,估計2023年電動工具及OPE業務收入將分別持平及增長24%,整體收入則可增長15%。
在原材料、運輸成本下降及產品組合調整下,該行預期泉峰控股毛利率將改善,去年下半年料達到29.5%,匯兌因素抵銷下淨利潤率料達6.8%。
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