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《大行報告》星展降敏實(00425.HK)目標價至20.3元 擴大全球足跡以實現增長
阿思達克 01-26 15:20
星展發表研究報告指,敏實(00425.HK)在中國、塞爾維亞和捷克的各個工廠正加大生產新型汽車零件,以滿足智能電動車應用的需求,公司旨在透過擴大全球足跡實現增長。集團於過去數年平均每年花費30至40億人民幣的資本開支來承接新項目以推動增長。 該行表示,目前公司手頭訂單量約2,000億元人民幣,盈利增長前景樂觀。此外,隨着汽車製造商縮短車輛開發週期,也爲集團增加積壓訂單提供新機會。該行預期集團2023至25財年的毛利率將穩定在28%左右,支撐着2024財年盈利增長約20%。 該行將公司目標價由30元下調至20.3元,相當於2024財年預測市盈率9倍(原本13倍),維持「買入」評級。
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