《大行報告》匯豐研究下調創科(00669.HK)目標價至108元 評級「買入」
匯豐環球研究發表報告指,創科實業(00669.HK)的DIY業務表現疲弱,令下半年銷售額按年下跌9%。去庫存將抑制今年DIY的銷售,該行預計創科今年DIY銷售額將按年跌14%,地板護理業務的銷售額將按年下降5%。
就旗艦品牌Milwaukee 的銷售額,該行認爲,儘管住宅建築市場疲弱,該品牌將繼續受到基礎設施及維修等需求以及集團市場份額增長的支持,料業務銷售額將在今年按年增長15%。該行又預計,今年總收入將增長5%。
匯豐研究提到,創科就早前的沽空報告發布了詳細說明。集團將可持續的利潤率增長歸因於更好的產品組合以及利潤增長的Milwaukee和電池業務。從前瞻性角度來看,庫存天數由2014年到2020年保持穩定。集團的目標是在今年降低庫存水平,並認爲庫存減少不會損害毛利率。
該行預期,創科今年的毛利率及營運利潤利將分別按年增長0.4個百分點和0.1個百分點,各至39.7%及9.2%,目標價由117元下調至108元,維持「買入」評級,認爲創科正處於最有利的地位,可以從不斷上升的滲透率和市場份額增長中獲益。
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