《大行報告》大摩上調泉峰控股(02285.HK)目標價至45元 評級「增持」
摩根士丹利發表研究報告指,泉峰控股(02285.HK)的估值與同行相比具有吸引力,並對集團戶外設備的增長和穩固的利潤率擴張充滿信心。該行維持集團「增持」評級,目標價由35.5元上調至45元。
該行表示,集團在OPE領域中擁有領先地位及曝光率,料其可透過市場份額以緩解宏觀的不利因素。集團去年上半年的OPE銷售額按年增長44%並超越同行,該行料這個趨勢將會持續到去年下半年及今年,又預計集團於今年上半年的電動工具銷售增長將在終端市場消化庫存的情況下保持疲弱,但預計下半年將復甦。該行預期今年收入將按年增長12%,2022至24年的收入複合年增長率為13%。
該行相信,短期內看,中國重新開放後開始正常化,訂單強度從今年第二季度開始恢復。原材料價格下降和有利的外匯趨勢,至少在上半年亦將隨著產品安裝基數的增加而上升。 這應有助於進一步擴大其毛利率。 總而言之,該行預計2023年毛利率為29.9%,而上年為29.4%,淨利潤率為8.7%,而上年為 7.6%,預計2023年淨收入按年增長28%。
該行下調集團2022至23年的銷售假設,以考慮客戶在上半年進行庫存消化。鑑於有利的原材料價格、恢復生產以及自有品牌銷售的持續增長,將集團去年的毛利率預測上調0.6個百分點,將2023年和24年的毛利率預測上調0.8個百分點。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.