敏实集团(0425.HK):借轻量化之势,乘电气化之风,首次覆盖给予“买入”评级
机构:国元证券
评级:买入
投资要点
敏实集团:全球汽车零部件龙头供应商:
公司深耕汽车内饰领域,产品种类多元化,致力于全球化发展道路,与全球知名主机厂保持多年稳定的合作关系。公司2016/2017/2018年营业收入为94.0/113.8/125.5亿人民币,净利润为17.8/20.9/17.1亿人民币。
轻量化和电气化是大势所趋:
在节能减排的大背景下,无论是燃油车还是电动车,轻量化是重要的技术方向。对比几种应用材料,铝具有很强的综合性价比,未来发展空间巨大。同时,全球范围内的国家和车企开始全面推进汽车电气化进程,有望催生“三电”元件的巨大需求。
公司核心优势明显,筑造龙头地位:
1)公司具有稳定且多元化的客户群,有利于分散单一客户风险;2)致力于全球化发展道路,不断打入全球主机厂的供应链体系,同时全球化产能分布有助于减小区域贸易摩擦带来的风险;3)强大的研发与管理能力构筑护城河优势,毛利率在行业处于领先水平;4)公司的新产品例如铝产品、电池盒等将借轻量化之势,乘电气化之风,未来发展前景广阔。
首次覆盖,给予“买入”评级:
公司为全球汽车零部件龙头供应商,具有多元化的客户结构、全球化产能布局和强大的研发与管理能力,未来有望继续保持领先优势。我们预测公司2019-2021年净利润分别同比增长8.3%/19.0%/21.2%,对应EPS分别为1.58/1.88/2.28元人民币,考虑到公司的龙头地位,我们认为公司相对行业可比公司可享受一定溢价,我们给予公司目标价31.3港币,对应2020年15倍PE,首次覆盖给予“买入”评级。

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