【06/06券商評等報告彙整】上銀(2049) 今日有2家券商發布績效評等報告，目標價區間為195～210元。

上銀(2049)今日有2家券商發布績效評等報告，其中有1家評等為看空、1家評等為中立，目標價區間為195～210元。
預估 2024年度營收約260.98億～262.92億元間、EPS落在6.94～7.97元間。

值得注意的是，美林證券評等由看多轉向看空，認為：『Hiwin’s major products are linear guides and ball screws, which are mainly used in machine tool related. While China’s automation sector has bottomed, in our view, the timing and magnitude of recovery are still unclear. We take a more conservative outlook on Hiwin’s earnings growth visibility, given the: 1) demand recovery for linear guides and ball screws is slower than our previous expectation; 2) flat average selling price (ASP) outlook; and 3) less operating leverage. This implies some pressure on Hiwin’s gross margin. We thus lower our 2024/25/26E EPS by 10%/20%/18%, factoring in the lower estimates for revenue and gross margin. We lower our target P/E multiple to 30x (5-year historical average) from 35x (0.5SD above historical average) to factor in the slower earnings growth. We also revise down our DCF fair value due to lower FCF CAGR over 2024-34E and higher requirement on working capital amid slowdown in industry growth. Our new PO of NT$195 (from NT$276) is based on the average of DCF and P/E. We recognize Hiwin’s edge as a leading player in linear guides and ball screws, but take a more cautious outlook on the pace of demand recovery. Downgrade to Underperform from Buy.』。

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