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《大行报告》汇丰研究降维达(03331.HK)评级至「持有」 目标价上调至22.8元
阿思达克 04-24 10:52
汇丰研究发表报告,指出维达国际(03331.HK)首季纯利按年增长65%,收入按年跌16%,毛利率按季上升1.4个百分点至37.5%,营业利润率按季增长2.2个百分点至15.4%。该行引述管理层指,公司仍维持今年的收入目标有双位数增长。另外,即使促销活动在第二季正常化,管理层仍希望在更佳的利用率及高端产品更强劲的增长支持下,继续维持营业利润率的水平。

该行现时预期公司的内在销售将会在第二季回复至增长13%,有别於首季跌12%,并会在第三季随着库存增加而进一步加快至增长25%,然後在第四季回复至19%的正常增长,令全年的增长率为11%。

汇丰上调维达今明两年纯利预测分别14.6%及3.9%,料今年列帐收入升8%,纯利升54%,高於市场同业预测。不过,该行认为增长前景或已经反映在股价。汇丰将维达投资评级由原来的「买入」下调至「持有」,以现金流折现率计,目标价由原来的21.6元上调至22.8元,相当於明年预测市盈率15倍。

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