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匯豐:下調維達國際(3331.HK)評級至“持有” 目標價22.8港元
格隆匯 04-24 11:57

匯豐證券發表研究報告,將維達(3331.HK)的投資評級由“買入”下降至“持有”,但目標價由21.6港元上調5.6%至22.8港元。

匯豐表示,在公共衞生事件影響下公司首季收入下跌16%,但淨利潤增長65%。管理層召開電話會議表示,第二季業績優於首季強勁業績。該行將維達今年淨利潤預測提高14.6%,但相關利好因素已經反映在股價當中,將明年利潤預測提高3.9%。

維達營業利益率(OPM)從去第四季度的13.2%進一步提高至首季的15.4%,毛利率環比增長1.4個百分點,提高至37.5%,毛利率減少因銷量下降而開展的促銷活動。

管理層重申公司2020年雙位數收入增長目標保持不變。此外,即使促銷活動在第二季度正常化,管理層預計,受惠於利用率和高端產品強勁增長,營業利益率的優勢將在第二季度持續。展望2021年,該行預計維達收入將保持12%的增長速度,而OPM 則保持在下半年的相似水平。

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