大行評級|瑞銀:上調敏實集團目標價至30.5港元 進一步滲透電動車供應鏈
瑞銀髮表報吿,指敏實集團去年下半年毛利率按年升0.9個百分點,亦較上半年升0.8個百分點至29.3%,其中,電池殼業務毛利率按年升1.2個百分點,較上半年升1.5個百分點至22.1%。該行認為主要受惠於收入擴張帶來的規模經濟改善,技術升級提升生產效率和產品良率,以及整體有利的成本環境。報吿引述管理層提及,公司進一步滲透中國電動車領先製造商供應鏈,包括理想、比亞迪、華為支持的鴻蒙智行品牌及小米。公司去年在比亞迪的無人機艙業務中取得突破,並從華為支持的鴻蒙智行品牌和吉利獲得多種產品訂單。該行預計敏實在中國客户組合多元化將持續產生成果。此外,公司在Stellantis、大眾和雷諾交付電池殼訂單可見度提高,提升歐洲工廠的產能利用率。該行上調敏實目標價,由27.6港元上調至30.5港元,維持“買入”評級。
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