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大和:下調維珍妮(2199.HK)目標價至5.5港元 評級升至“優於大市”
格隆匯 11-27 14:23

大和發表研究報告指,維珍妮(2199.HK)公佈上半年業績,整體差過該行預期。該行亦留意到,隨着以利潤為中心的戰略開始取得成果,公司目前已經轉危為安,而公司承諾未來兩年不再擴大產能,相信有關趨勢將會持續。該行將維珍妮的目標價下調6.78%,由原來的5.9港元降至5.5港元,而評級就由“持有”升至“優於大市”。

大和表示,公司3個核心部門的毛利率均有所提高,令整體的毛利率按年增長1個百分點至22.5%,反映公司的工廠A及B已接近被充分利用且生產率高。不過鑑於工廠D及E分別於今年6月及9月才開始生產,預計下半年的毛利率增長將會略為放緩。

該行指,儘管公司今年初有意放棄一些非盈利的客户,但管理層指出其訂單情況仍然非常健康,並且到2020年6月都已經滿額。位於越南的5家工廠都已投入生產,相信下半年的收入增長率將加速至高單位數。此外,大和亦將公司2020年至2022年的每股盈利預測下調17%至22%。

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