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中信建投:首予JS環球生活(1691.HK)“增持”評級
格隆匯 02-04 15:11

中信建投發佈報告稱,預計JS環球生活(1691.HK)2019-2021年公司歸母淨利潤分別為0.87、1.24、1.77億美元,同比分別增長149.94%、41.69%、43.02%,對應PE分別為25.5X、18.0X、12.6X,首次覆蓋給予“增持”評級。

該行稱,公司是全球優質小家電領軍企業,主體起源於九陽股份,2017年併購整合後得到Shark與Ninja兩個優質品牌,其股權結構穩定,又因Sharkninja並表增厚,2016-2018年營收由11.32億增至26.82億美元,CAGR55.9%。

該行表示,九陽,SharkNinja珠聯璧合,協同效應凸顯。分別從以下四點分析:產品矩陣相互擴充, 2019年九陽與SharkNinja關聯交易額同比增長144%;研發攜手為創新賦能,中美英各國研發中心持續為NTD,NPD供能;渠道共享資源整合,Shark已累計入駐300家九陽線下專櫃,加速滲透中國市場;全球供應鏈進階分工高效,Foodi內產外銷步調協調,2019H1九陽外銷同比增長近1300%。間的供應鏈及研發資源共享等,預計可提升2021財年SharkNinja的EBIT利潤率至8.8%,2018財年為5.4%。

該行預計,其銷售及調整後淨利潤2018至2021財年的複合增長率為13%及29%,增長來源是更多的 SharkNinja,更多的清潔用具以及來自歐洲和內地的銷售和利潤,另預計2019至2020財年的毛利率將保持穩定,由於產品和品牌組合的改善,2021財年的毛利率將上升。

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