摩根大通发表研究报告指，创科(00669.HK) 昨日(3日)股价下跌4.7%，料属对美国总统特朗普的关税政策之条件反射。关税的复杂性令投资者变得担忧，尤其是因为公司去年上半年收入约75%来自美国市场，但该行认为，公司具韧性的主因是其率先将供应链多元化，搬离内地及其灵活性，令公司可及时作出调整。该行予创科评级为“增持”，目标价135元。考虑到公司资产负债表强劲及主动供应链管理，认为公司已准备好应对关税挑战，并转化为机遇；股价疲弱为对其吸纳机会。
摩通预料，公司去年下半年录得强劲表现，纯利按年升18%，料公司期内维持稳定的销售，下半年录按年6%的增长，与上半年相若。该行指，料去年下半年的盈利占去年全年52%，反映公司全年表现强劲，主要受到有效的成本管理及持续的销售走势，同时亦预计有正面的自由现金流及其资产负债表进一步去杠杆，将公司今年移至净现金的位置，远超其同业。(vc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-03 16:25。)
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