大和:疫情致維珍妮(2199.HK)訂單減少 降目標價至2.4港元
大和總研發表研究報告指,維珍妮(2199.HK)2020年度盈利較預期低2%,而反映其兩個主要客户重組及美國堆積的渠道庫存影響,股價由年初至今下跌58%。不過,維珍妮擴張口罩生產並在2021年度有強勁訂單,該行相信負面影響已反映,重申其優於大市投資評級,目標價由5.5港元下調至2.4港元。
大和表示,維珍妮的口罩業務發展良好,已獲得歐洲政府及美國品牌的訂單,而美國品牌的潮流口罩能獲得較高的平均售價及毛利率,其越南工廠亦用多額外一小時生產訂單,料能成為其穩定的收入來源。另外,維珍妮會加快將產能從深圳轉移至越南,而ALLBIRDS的訂單增長在2021財年首季按年增長100%。
為反映疫情導致的訂單減少及利潤收縮,該行下調維珍妮2021-22財年每股盈利預測45-58%。
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