《大行報告》野村升維珍妮(02199.HK)評級至「買入」目標價上調至7.3元
野村發表研究報告,指維珍妮(02199.HK)2019年財年收入符預期,按年升6.7%至62.63億元,主因功能運動類產品帶動,純利升17.6%至2.82億元,遜預期,主因毛利較低和銷售及行政開支高,但若撇除折舊因素,則有穩健的改善,和符預期的表現。
該行指,越南生產收入佔比由40%升至60%,勞工人數亦升至3萬人,管理層預期至20年度佔比可達80%,D廠及E廠分別會於今年投產,預期發展速度會較A/B/C廠快。
該行對公司毛利前景感樂觀,預期效率會有改善,越南貢獻持續增長亦有利,降2020及21年盈利預期分別7%及11%,以反映去年盈利表現遜預期,收入增長會繼續因運動功能類產品有增長,而毛利亦有改善,而按公司新策略,相信2019-22年度年複合增長率為40%,評級由「中性」升至「買入」,目標價由6.3元升至7.3元。
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