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高盛:維持鴻騰精密(6088.HK)中性評級 目標價降至2.35港元

高盛發表研究報告表示,將鴻騰精密(6088.HK)目標價由2.75港元降至2.35港元,維持中性評級。

報告指,鴻騰精密上半年純利指引爲800萬-1000萬美元,按半年下降51-61%、按年下降55%-64%。管理層歸因於越南工廠暫時關閉,減少生產規模,和額外的相關成本增加;原材料價格上漲。管理層表示一直與越南政府密切合作恢復生產到正常的業務運營,並且利用其他生產基地來緩解下半年的影響。對於原材料成本,管理層預計影響將持續到2021年;然而自第二季度以來穩步改善。管理層也將成本的額外費用轉嫁與客戶。

該行指,考慮到疫情對在公司非中國市場持續對生產的影響,將2021-23年的收入削減8%/1%/1%,預計2021 年的收入跌8%,仍在公司單位數跌幅指導範圍內。鑑於公司產品結構不斷升級應有助於抵消暫時的原材料成本增加,毛利率保持不變。該行提高運營支出比率以反映在疫情中越南的額外成本及續產品線擴展的研發,將未來3年的純利預測降低35%、15%及11%。

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