《大行報告》匯豐研究下調創科(00669.HK)目標價至86元 評級「買入」
匯豐研究發表研報指,創科實業(00669.HK)旗下RYOBI品牌銷售表現疲軟,預料將持續到2024年,估計公司會繼續清理過剩庫存,目前分銷渠道去庫存已完成約80%,到年底可能完成90%至95%。考慮到美國宏觀不確定性及近期訂單量表現,該行將RYOBI今年下半年收入預測從增長18%下調至按年跌0.6%,明年收入預測從按年升10%下調至持平。
核心品牌MILWAUKEE方面,該行指出美國基建及工業建設投資不斷增加,需求回流,同時認為品牌下游風險敞口分散,產品適用產業涵蓋新建住宅建設、現有住宅改造、工業、商業、基建、電力及公用事業,加上無線產品滲透率不斷提高,因此仍相信MILWAUKEE會持續受惠,預料今年下半年、明年及2025年品牌收入將分別按年增長7%、10%及12%。
考慮到去庫存影響,匯豐研究將創科今年下半年經營利潤率預測下調至8.3%,預計明年毛利率及經營利潤率將回升至39.9%及8.9%,目標價則下調至86元,維持「買入」評級。
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