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《大行報告》中金上調敏華(01999.HK)目標價至8.8元 評級「跑贏行業」
阿思達克 06-22 10:42
中金發表研究報告,指敏華(01999.HK)在618期間成交額錄高雙位數增長,持續搶佔市場份額。截至6月18日,芝華仕品牌全網總成交價突破4.55億元,較去年同期增長73.5%。分平台看,芝華仕在天貓家裝家飾預售額排行榜中位列第二,618當日在京東家具類目中排名第二;分產品看,芝華仕5款產品預售銷量排名相應類目第一,618期間,爆款真皮功能沙發(K621)累計銷量18,951件,乳膠彈簧床墊(D026)累計銷量18,599件,儲物皮床累計超4,500件,位列天貓皮床類目第一,助力品牌滲透率在主要軟體家居品類中提升。

該行預計公司全年新開門店數量較去年大幅增加;線上加大布局電商渠道及直播、抖音等新興渠道,相信線上高速增長勢頭有望延續。在產品端方面,延續爆款引流策略,借助成本端優勢,推出高性價比、年輕化產品。在營銷端方面,公司將繼續發力直播帶貨等新零售模式,線下採取明星活動推廣等方式,吸引客流並提升銷量。預計在渠道、產品、營銷三方面共同發力下,公司6月內銷業務將延續高速成長趨勢,持續搶佔市場份額。

該行預計,美國重啟經濟後,延後消費需求有望逐步釋放,帶來出口端觸底改善;生產端看,越南工廠產能順利爬坡,關稅影響下降、規模優勢顯現。相信伴隨後續海外疫情逐步管控,公司出口業務有望企穩向上;同時,公司在產品、價格、關稅等方面的競爭優勢,有望助力搶佔外銷市場份額。維持「跑贏行業」投資評級,考慮公司內外銷業務向好趨勢,上調目標價9%至8.8元。

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