大行评级丨瑞银:上调创科实业目标价至168港元,看好AIDC建设需求支持长期增长

格隆汇
Aug 06
瑞银发表研报指,创科实业上半年业绩胜预期,相应将2026至2028年每股盈利预测平均上调约3%,目标价由148港元上调至168港元,对应2027年预测市盈率约23倍,超出该股份往绩市盈率区间约15至20倍。该行认为估值溢价合理,憧憬2026至2028年盈利增长将较过往来得更为强劲,维持“买入”评级。管理层指出,由于人工智能数据中心(AIDC)需求日增,而AIDC的建设涉及更复杂的系统,工具使用密度为一般基建项目的两倍,加上美国劳动力持续短缺,有利旗下相关创新工具及解决方案业务发展。目前数据中心相关业务占Milwaukee收入约15至20%,而Milwaukee占集团总收入约71%。瑞银预期AIDC相关销售收入未来数年将录得逾20%增长,2028年将占集团整体销售及盈利分别约20%及26%,目前预测创科2026至2028年每股盈利年均复合增长率达约18%。

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