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《大行報告》花旗上調德昌(00179.HK)目標價至17元 中期業績遠勝預期
花旗發表研究報告指,德昌電機(00179.HK)截至9月底止上半財年業績強勁增長,純利按年升53.2%至1.2億美元,大幅高於該行預測的9,400萬美元,因此對該公司開始為期30天的正面催化劑觀察,並將2024至2026財年盈利預測上調介乎17%至26%。 花旗指,管理層預期2024財年全年收入將按年增長介乎5%至7%,略低於預期,但2024下半財年毛利率估計將持續擴張,仍將其視為內地小型馬達行業首選。 展望下半財年,該行預計由於汽車相關產品增長放緩及工業相關產品銷售持續下滑,銷售額的增長將放緩至4%,但由於材料成本下降、效率提高及銷售均價增長,下半財年毛利率預期會再提升2.4個百分點,達到21.7%。 花旗給予德昌「買入」評級,目標價由14元提升至17元,指出期內汽車及工業相關產品投入成本及銷售均價都有所改善,預期持續的成本削減及生產效率提升,可為估值帶來進一步提升空間。
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