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野村:微升歐舒丹(0973.HK)目標價至22.1港元 評級“買入”
格隆匯 01-22 17:18

野村發表研究報告表示,將歐舒丹(0973.HK)目標價由21.9港元上調0.9%至22.1港元,維持“買入”評級。

歐舒丹第三財季銷售淨額按固定匯率計算增長15.2%,比上半年的19%有所減慢。野村表示,因歐洲、美國和日本市場放緩,歐舒丹第三財季的銷售增長略有放緩。期內,受惠成功的營銷活動,以及“雙十一”銷售增長80%以上,中國銷售額按年增長32.4%。

產品方面,旗下LimeLife繼續保持增長勢頭,期內銷售額增長11.7%,而第二季度為5.2%。ELEMIS的銷售額從上半年的25%降至第三季的12%,主要由於One Spa World減少了庫存,以及削減重組分銷商的訂單。

該行表示,不擔心ELEMIS銷售的季度波動,因為它是批發業務,加上第二季通常是旺季,假日旺季之前批發客户會積壓庫存,並維持對2020年銷售額按年升25%預測,是未來的增長引擎。

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