大行评级|花旗:下调创科目标价至113港元 2024至25财年盈利预测下调约2%

Big Bank Rating | Citibank: Lowering the target price of Innovation and Technology to HK$113, the profit forecast for the 2024-25 fiscal year was reduced by about 2%

Gelonghui Finance ·  Feb 20 21:39

According to a report published by Citibank, Home Depot announced last year's fourth fiscal quarter results. Earnings per share for the fourth quarter were $2.82, slightly lower than market expectations of $2.75. Historical data shows that between 2006 and 2023, I&T revenue growth was 6% higher than Home Depot's revenue growth each year. According to the bank, Chuangke's largest customer, Home Depot, accounted for about 48% of its total sales in the first half of 2023. From 2006 to 2023, Chuangke's revenue growth correlated with Home Depot's rapid growth rate of about 76%. According to Home Depot's 2024 guidance, which is expected to grow 1% in 2024, the bank now assumes that I&T revenue will grow by around 7% in 2024, rather than the 9% previously assumed by the bank.

The bank lowered Chuangtech's profit forecast for the 2024-2025 fiscal year by about 2% and lowered the target price from HK$118 to HK$113, assuming a turnover increase of about 7% for the fiscal year 2024, compared to the previous forecast of 9%. At the same time, I&T is still included in the top list of Chinese industrial stocks, with a “buy” rating.

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