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《大行》匯豐研究料泉峯(02285.HK)最受關稅政策影響 維持創科(00669.HK)「買入」評級
匯豐研究發表研報指,美國加徵關稅後,自今年4月起美國電動工具需求顯着放緩,在一衆電動工具生產當中,預期泉峯控股(02285.HK)受影響最大,因其對美國供應產品約60%來自中國,對比同業創科實業(00669.HK)只有約20%美國訂單產能來自中國。 該行指,雖然首季因提前出貨而銷售表現強勁,但預期關稅所帶來的影響將於下半年全面顯現,相信創科與泉峯即使已上調產品平均售價,但第二季及下半年盈利預期仍將面臨壓力,預測下半年銷售將受到拖累而按年下跌10%。 匯豐研究將泉峯控股今年銷售預測從原先按年升9%下調至按年跌2%。另受益於Milwaukee專業系列產品銷售增加及產能加速遷至越南,預計創科實業2025年收入將按年增長6.6%。該行將泉峯控股評級從「買入」下調至「持有」,目標價從34.8元大幅下調至14.2元,維持創科「買入」評級及目標價爲120元不變。
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