Market Brief

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Author

邱澤波先生 (Porter Yau)
助理經理

主要按基本因素選股,但有時也會參考圖表、技術分析。除股票外,亦經常研究期權 。歡迎來電賜教或交流心得。
Phone:
3651 7380

力勁科技(558.HK)

Monday, April 01, 2019 Views787

業績倒退,但資產十分吸引

 

公司簡

力勁科技集團有限公司是全球最大的壓鑄機製造商。集團從事設計、製造及銷售三大產品系列,即壓鑄機、注塑機及電腦數控(CNC)加工中心。集團於中國深圳、中山、寧波、上海、阜新、昆山,以及台灣與意大利設有生產基地及研發中心。

 

 

業務回顧

- 截至2018年9月止六個月,集團營業額上升1﹒6%至19﹒28億元,股東應佔溢利則下跌20﹒1%至1﹒03億元。期內業務概況如下:


    (一)整體毛利減少2﹒9%至5﹒08億元,毛利率下跌1﹒2個百分點至26﹒4%;
    (二)壓鑄機:營業額上升6﹒2%至13﹒61億元,佔總營業額70﹒6%,分部溢利則下跌15﹒5%至1﹒76億元;
    (三)注塑機:營業額減少9﹒2%至5﹒02億元,佔總營業額26%,分部溢利下降46﹒1%至2339萬元;
    (四)CNC加工中心:營業額上升2﹒6%至6494萬元,分部虧損收窄29﹒7%至1422萬元;
    (五)於2018年9月30日,集團之現金及銀行結餘為5﹒73億元,借款總額為17﹒38億元。資產負債比率(按負債淨額除以權益總額計算)為57%(2018年3月31日:47%)。

 

 

展望

中美貿易關係因七月輸美產品加徵關稅後開啟緊張,貿易摩擦擴大給人民幣匯率貶值做成很大壓力,加速了股市下跌的程度和速度,亦打擊了投資者信心,影響消費者購買行為,給中國經濟和市場預期帶來不利影響。

 

 

財務分析及估值:

截至2018年9月止六個月的半年業績,表現有點兒失望!見到增長放緩,勞工及原材料成本上升,業績有倒退壓力。股價亦由上年高位跌近一半,現價0.83;PE只有3.8倍,PB只有0.44倍!另外,昨天(2019年3月29日)公司公佈收到深圳市政府的補償金,一共人民幣75,200,000元。令人遐想公司坐擁的土地資產,密切留意公司有無搬遷生產基地的動作。

上半年每股盈利8.7港仙,預計下半年仍有倒退壓力,扣除特殊收益,全年估計每股盈利16.5港仙。另外收到一次性的土地補償,有機會派發特別股息。以老牌工業股平均估值7陪PE計,暫定目標價為1.15。

 

 

 

「註:本人邱澤波為證監會持牌人士。截至本評論文章發表日止,本人並無持有全部提及之証券的所有相關財務權益。」

 

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