《大行》匯研料泉峰控股(02285.HK)下半年表現轉差續籲「持有」 更看好創科(00669.HK)
匯豐研究報告指,泉峰控股(02285.HK)股價自7月初起累升約43%,跑贏同期恆指升8%,因上半年業績勝預期,當中收入及淨利潤分別較市場預期高7%及41%,因美國關稅實施前的需求提前釋放,加上強勁的經營槓桿。不過,該行料下半年收入將按年跌11%,並較市場預期低11%,因高關稅成本導致銷售疲弱。
相比起泉峰控股,創科實業(00669.HK)將產能遷出中國的速度更快,兩間公司的美國銷售敝口均有逾七成。泉峰控股目標將60%供應至美國的產品產地於今年末之前移至越南,並於2026年末遷移90%;而創科實業則目標今年內100%供應至美國的產品均來自中國以外的地方。
該行將泉峰控股目標價由14.2元升至20.5元,但維持「持有」評級,預期下半年需求惡化及經營去槓桿,且2026年市場對其預期有下行風險。該行更看好創科實業,因其產能遷移速度更快,具備更強成本優勢與定價能力,經過今年下半年調整後,明年盈測有上行空間,維持目標價112元及「買入」評級。
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