《大行報告》摩通升創科(00669.HK)目標價至107元 今年增長動力重新顯現
摩根大通發表研究報告指,創科實業(00669.HK)的股價表現自去年第四季出現轉機,去年10月中旬至今累升35%,對比同期恆指則跌4%,相信是由於投資者已看淡沽空報告、盈利不達標、指引下調、去庫存及加息等影響。
展望2024年,摩通指,公司管理層透露銷售增長正重新加快,2023年下半年Milwaukee銷售額增幅超過10%,預計專業工具產品2024至2026財年銷售額年均複合增長率可達12%至15%。
該行預期,在技術主導型產品創新及更高毛利率的產品組合的支持下,至2026年創科的EBIT利潤率有望升至約10%,憧憬增長動力今年重新顯現且經營狀況符合市場預期,則股價有上行空間,將目標價由96元上調至107元,預計2024至2025財年的盈利年均複合增長率將重新加快至18%,維持「增持」評級。
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