研报掘金丨中金:创科实业上半年业绩超预期,目标价升至155港元

格隆汇
Aug 07
中金发表报告指,创科实业上半年业绩超该行预期,主要由于关税缓解带动公司毛利率增长。上半年收入82.92亿美元,同比增长5.9%;净利润7.38亿美元,同比提升17.5%。根据美国经济分析局数据,2026年4-6月美国工具、五金及用品名义年化消费额分别同比增长 6.2%、7.3%和 6.8%,公司Milwaukee按照当地货币收入计算同比增长10.5%超行业表现。该行认为主要是公司收入结构优于行业,Milwaukee收入32%来自科技、能源与制造领域,47%来自服务与维护领域;高增长、抗周期的终端市场占比达80%。考虑估值切换以及公司盈利能力提升,该行上修目标价34%至155港元,维持“跑赢行业”评级。

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