研報掘金丨天風證券:華利集團訂單份額得以保障,維持“買入”評級
天風證券研報指出,華利集團(300979.SZ)客户相對多元,大多數客户都是上市公司。從各客户披露的業績指引來看,多數客户業績保持成長。對於營收增速較高的客户,公司來自該客户的訂單也是快速成長。有的客户雖然暫時營收增速一般甚至下滑,公司在這些客户的供應鏈中具備較強的競爭力,訂單份額得以保障;此外,公司持續拓展新客户,新增的客户以及新客户合作的深入,都是公司業績穩健成長的重要保障,因此公司對明年的業績充滿信心。公司會兼顧股東利益和公司發展的需要,未來幾年還是資金開支的高峯期,但是隨着公司規模的擴大,預計資本開支佔淨利潤的比例會逐漸減少,在滿足資本開支、合理日常運營資金外,公司會盡可能多分紅。維持“買入”評級。
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