Analyst Research Report Snapshot

Title:

瑞智(4532.TT)2014年恢復成長動能,調升目標價

Price:

$35.00

Provider:

SinoPac Sec Investment Service Traditional Chinese

Date:

03 Dec 2013

Pages:

5

Type:

AcrobatPDF

Companies referenced:

4532.TW

Available for Immediate Download
Summary:

目前瑞智本益比約12倍,國內機電股同業平均本益比在14倍以上,我們認為:(1)第三季毛利率不如預期的影響因素已過,10月毛利率已回升,(2)瑞智前十月出貨量成長率仍優於中國空調內銷成長率,公司競爭力在水準以上,(3)2014年中國空調內銷與外銷展望均優於2013年,(4)中國空調實施新標準APF,壓縮機廠技術門檻提高,有利於瑞智,(5)主要原料銅價格2014年趨勢仍往下,對廠商成本有利,(6)2014年青島場取得高新企業稅賦優惠,整體稅率將下降,(7)就長期角度來看,農村空調滲透率仍低(僅25%),中國內銷市場仍有成長空間。綜合上述考量,2014年瑞智恢復成長動能,維持買進建議,目標價調升至34元(PER=14X2014EPS)。

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