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《大行》招銀國際上調敏實(00425.HK)目標價至38元 訂單積壓增加
阿思達克 08-29 11:40
招銀國際報告指,敏實(00425.HK)上半年關鍵經營指標,包括新業務訂單、研發、資本支出、本地化及現金流表現穩健,進一步增強該行對其營運效率能力的信心,並印證該行認爲敏實在全球汽車零部件行業中定位優於多數同業的觀點。 該行預測,基於不斷增加的訂單積壓,敏實在明年及後年收入將分別按年增長12%及13%,對機器人及電動垂直起降飛行器產品的預期貢獻極小。如有任何新業務達到拐點,收入增長可能更高。 該行料敏實今年至2027年毛利率介於28.5%至28.7%,低於2024年28.9%,因利潤率略低的電池外殼產品銷售佔佔比上升。該行料公司同期淨利潤按年升15%至19%,分別達到27億,31億及37億元人民幣。該行維持對敏實「買入」評級,目標價從26元上調至38元。
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