近日,摩根士丹利发报告指,下调海丰国际(01308)目标价11%,从24港元降至21.3港元,维持“与大市同步”评级。大摩指,上调对海丰国际2024/2025/2026年盈利预测4%/4%/7%。将估值日期伸延至2026年年中。对该公司的基本假设认为,2024-2026年货运量将改善,2025-2026年平均销售单价(ASP)将正常化。
大摩假设,该公司2024-2026年货运量分别年增10.4%、9%和9%。ASP在2024年同比回升15.7%,然后在2025年和2026
年分别同比下降8%。预计2024年营业利润率为34%,2025年将降至26%,2026年将降至18%。
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