敏實集團 (425 HK): 遠大的目標 March 29, 2018 1348

投資概要

雖然業績略低於預期,公司收入繼續保持快速增長勢頭,加大投入所引發的技術升級和產品優化態勢有望持續。我們維持公司現有業務的成長動力強勁,未來新業務爆發潛力十足的看法,並上調公司目標價至45.55港元,買入評級。

業績略低於預期

2017年全年,敏實集團營業額達113.84億元(人民幣,下同),同比增長21.1%;毛利38.49億元,同比增長18.4%;公司擁有人應占純利20.25億元,同比增長17.8%。盈利低於市場預期,略低於我們之前預計的21.3億元。每股基本盈利1.782元,擬派末期股息每股0.85港元。

受歐系客戶拉動,海外增長略高於國內

具體分市場來看,國內營業額約70.02億元,較2016年增加約20.1%,主要得益於中國市場日系、德系及美系客戶產銷量提升。海外營業額約43.82億元,較2016年增長約22.7%,主要來自於海外市場特別是歐洲客戶的業務增長,受益于寶馬、奧迪、戴姆勒等客戶的訂單增長,歐洲市場占比由往年的8.8%快速提高到12.7%。

原材料上漲等因素影響毛利

毛利率達33.8%,較2016年的 34.6%下降約0.8個百分點,主要系老產品降價,原材料價格上漲的拖累,同時,部分海外工廠還處於爬坡期,毛利率尚待提高。為此,公司通過推行精益生產、優化生產佈局以及調整產品結構,力爭整體毛利率維持穩定。

人力成本投入、資本開支加大

期內,公司的銷售費用和管理費用率分別小幅提高0.2和0.5個百分點,至4.2%和7.5%,管理費用增加幅度較大,同比增長了29%,主要系公司為保持競爭力與可持續發展,而提高員工薪資使得人力成本上漲所致。期內資本開支增加76%至約21億,主要用於嘉興、淮安、墨西哥工廠建設,以及加大對自動化生產線、柔性化生產線、智慧化物流、資訊化管理系統的投入。

高端品牌份額擴大,產品佈局繼續拓展

在客戶拓展上,公司擴大了高端品牌的市場份額,首次進入梅賽德斯-邁巴赫的業務體系,同時在中國自主品牌業務中,除了長城以外,還開拓了廣汽、吉利、長安等客戶。在產品開拓方面,公司在智慧化、輕量化和電動化三個產品維度上取得了成績。智慧化方面實現了ACC標牌新產品的研發推廣,輕量化方面在持續擴大鋁產品業務的同時,推進傳統產品在新能源車型上的佈局,取得了日產和雷諾客戶相關電動車型上的鋁電池盒新業務,也首次取得了電動車開閉啟動格柵新業務。同時,依託敏安汽車這個平臺,公司正尋找和發展電動汽車核心零部件的戰略產品。

遠大的目標

目前公司在手總訂單922億人民幣,較16年年底增加了16%,是2017年總收入的8.1倍,未來業績能見度較高。公司訂立了500億的2025年總收入目標,年複合增長率達20%,彰顯了管理層對未來通過產品技術升級、完善全球生產佈局,提升全球經營能力來打造公司可持續發展的全球競爭力戰略抱有信心。

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About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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