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《大行報告》美銀證券下調敏實集團(00425.HK)目標價至30元 評級「買入」
阿思達克 08-24 10:18
美銀引述管理層指出,敏實(00425.HK)半年電池盒毛利率大致被多個因素拖累,包括電池殼結構組件銷售毛利率較低,調整有關影響後電池盒業務毛利率為19.6%。此外,海外業務產能使用率不及內地,導致海外業務毛利率僅16%,遜於內地8個百分點。公司預期海外產能使用率下半年改善,有助提振電池盒業務毛利率。公司維持電池盒業務毛利率20%至23%目標不變。 該行基於中期業績,上調對公司今年至2025年銷售預測2%至3%,但下調塑料部件業務毛利率預測,反映北美市場扭轉需時較長,以及下調電池盒業務毛利率預測,反映部件銷售業務開展及海外市場產能使用率。整體下調今明兩年盈利預測6%及1%,上調2025年盈利預測5%。 該行將其目標價由31元降至30元,重申「買入」評級。該行認為在2023至2025年盈利年複合增長率達26%下,現股價為預測市盈率12倍屬吸引。
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