野村:維持新秀麗(1910.HK)目標價15.5港元 評級“中性”
野村發表研究報告指,新秀麗(1910.HK)第三季收入增長維持走軟,但若剔除新秀麗於香港的業務,銷售淨額按年增長0.2%,該上升幅度大致符合該行預期,但相信收入會持續受影響,料今年第四季銷售增長速度持續放緩,維持目標價15.5港元及“中性”投資評級。
野村續指,隨着第二輪關税生效,新秀麗的毛利持續受壓,而管理層有效的成本控制,經調整EBITDA按季有所改善,亦預計明年的盈利將持續受惠於其成本控制。管理層亦預期,來自中國的產能將於明年底進一步降至50%。

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