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《大行報告》麥格理上調創科(00669.HK)目標價至194元 評級「跑贏大市」
阿思達克 03-04 10:47
創科實業(00669.HK)2021年全年純利按年增長37.2%至10.99億美元,派每股末期息每股1港元。麥格理預計,創科毛利率將繼續擴張,重申「跑贏大市」評級,將對其目標價由192元上調至194元,相當預測明年市盈率30倍。 麥格理相信,創科管理層繼續提供穩健的執行力,並預計能將在2024年實現200億美元的銷售額目標,意味著2021至2024年的收入複合年增長率為15%,持續的新產能貢獻應有助於吸收成本,並推動毛利率向上發展。 麥格理表示,創科能在原材料、運費成本上升、供應鏈中斷的情況下擴大毛利率,亦相信創科將繼續展示其通過不斷投資推動創新,來滲透新產品領域。 由於預計收入更高,麥格理對創科2022財年收入預測調整不足1%,並將2023財年的收入上調1%。該行指,創科截至2021年底淨負債率已經升至28%,因為庫存增加是通過承擔額外債務來融資,如果供應鏈形勢緩和,應該會看到債務水平下降,以及庫存周轉天數的改善,這也應會改善營運資金。
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