森鉅 - 股票
By Andrew
at 2018-07-26T10:11
at 2018-07-26T10:11
Table of Contents
1. 標的:森鉅(8942)
2. 分類:多
3. 分析/正文:
鋼塑複合板廠商森鉅(8942)第二季本業、業外表現均佳,整體獲利有機會衝單季新高表現
,迎北美貨櫃車市場因換車需求帶動成長,森鉅下半年整體營收力拼優於上半年表現,且
因森鉅在兩岸生產,在鋼鋁等主要原物料採購上比起對手有較佳成本優勢,有利於在市占
率進一步擴大,且森鉅也有意再切入中型卡車市場,增加營運動能。
森鉅為鋼塑複合板廠商,八成營收為北美貨櫃車車板市場,森鉅是將鋼材和塑料結合,上
下層是鍍鋅鋼(供應商為盛餘),中間芯材是採用回收的發泡塑料,主要應用在北美53呎乾
濕貨櫃車的門板和邊板,在美國貨櫃拖車鈑材市占率逾3成,拖車用複合板市占率則超過5
成的水準。
展望近期,森鉅第二季營收13.3億元,季成長14%,但在業外部分,因森鉅均以外銷為主
,帳上美元資產部位高,第二季因台幣升值估有逾億匯兌收益,另外,因為子公司安森因
減資彌補虧損的稅負減免共1.3億元,可分別在第二季到第四季平均認列,法人預估,森
鉅第二季獲利可望創新高,單季每股獲利上看3元的水準。
展望第三季,雖然進入傳統淡季,但第四季又會進入季節性的旺季,整體下半年的營收表
現有機會優於上半年,而在毛利率的部分,森鉅因第一季已成功調漲售價3-5%,且目前生
產都是滿載水準,故法人預估,森鉅第二季後毛利率可維持在約37%以上的水準。
以整體大環境來看,森鉅主要的北美市場每5年會有汰舊換新的循環週期,今年持續迎接
貨櫃車市場換車動能,而在另一方面,森鉅主要的競爭對手美國Wabash在美國232條款下
,進口美國的鍍鋅鋼報價上漲,墊高競爭對手的成本,相對而言,森鉅的採購成本較有競
爭力,在今年上半年漲價3-5%後,下半年則不打算再漲價,而以搶占市占率為主。
4. 進退場機制:
不求漲停,只求漲不停
進場94,停利105
不停損啦
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