大行評級 | 摩通:上調泉峯控股(2285.HK)目標價至55港元 評級“增持”
格隆匯2月3日丨摩通發報吿指,泉峯控股(2285.HK)的户外電動設備(OPE)板塊在去年表現續優於同行,銷售額按年增長超過30%,佔總收入的60%,儘管在傳統旺季期間受到全行業去庫存和不利天氣條件的影響。展望未來,該行預計集團將在2023至24財年實現約25%的盈利複合年增長率,部分原因是利潤率擴張以及利潤率較高的OPE板塊和產品升級的收入佔比增加,以及經營槓桿收益。總體而言,該行對泉峯保持正面看法,將目標價由43港元上調至55港元,維持“增持”評級。
該行表示,行業在上半年持續去庫存主要是出於對美國消費者支出放緩的擔憂而採取的預防措施,這支撐了一旦活動恢復正常,下半年一次性補貨的空間。鑑於該細分市場目前較低的無線轉換率和智能功能的持續採用,專家認為B2C產品中OPE細分市場的整體需求前景更為有利。基於集團在自身產品的電池管理系統(BMS)中的關鍵作用,泉峯與勞氏(LOW.US)的合作似乎亦帶來上行潛力。

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