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《大行報告》花旗下調耐世特(01316.HK)目標價至4元 評級「中性」
阿思達克 10-26 16:43
花旗下調耐世特(01316.HK)目標價,由5.7元降至4元,維持評級「中性」。該行指,耐世特在港交所公布兩項公司正在面對的不利因素。在全美汽車工人聯合會罷工事件上,公司基於罷工情況不確定,無法全面評估影響。公司已實施成本控制,包括解僱時薪員工、實施自願無薪假及強化庫存管理以保障利潤。此外,北美供應鏈問題使其中一個供應商不能按約交付部件,導致客戶生產受影響,公司料下半年錄4,000萬美元一次性支出。 該行估算,若美三大車廠罷工持續至月底,將影響耐世特下半年北美業務收入3%至7%,設備使用率下降亦將影響毛利率,料公司下半年毛利率較上半年下跌,而非預期的上升。 該行下調對耐世特今年淨利潤預測48%,意味下半年收入及淨利潤按年跌2%及82%,至分別20億及1,300萬美元。明年及2025年淨利潤預測亦下調10%及12%。
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