维达国际(03331.HK):强劲销售增长将在2020年下半年持续,维持“买入”评级,目标价36.60港元
机构:国泰君安
评级:买入
目标价:36.60港元
2020年上半年盈利录得强劲增长。维达收入在2020年第2季度强劲复苏,同比增长10.6%至42.15亿港元,有机增长为14.9%。特别是中国大陆在2020年第2季度录得了20.1%的有机增长。因为低木浆价格和产品结构改善,维达2020年第2季度毛利率环比增长1.9个百分点且同比增长9.4个百分点至39.4%。同时公司加大市场活动投入,导致更高的销售费用。2020年上半年,公司有效税率同比增长6.8个百分点至22.8%。维达2020年上半年股东净利大幅增长107.5%至9.13亿港元。
线上渠道、产品结构改善和新业务贡献成为维达增长主要驱动力。线上渠道在疫情后变得更加重要。维达在线上渠道的销售表现显著好于其他渠道。随着维达产品结构进一步改善,维达的长期毛利率中值将显著提高。因新一代女性护理产品和失禁护理产品的推出,公司个人护理业务一定程度上实现了突破。
如果极端罕见的全国性封锁措施不会重现,我们认为维达的销售基本不会受到疫情和宏观经济波动影响。我们预计维达将在2020年下半年维持销售的强劲增长并录得盈利的快速增长。因此,我们维持公司“买入”评级并上调目标价至36.60港元,相当于20.8倍、18.6倍和16.4倍2020年、2021年和2022年市盈率。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.