《大行報告》匯豐研究升維珍妮(02199.HK)評級至「買入」 目標價上調至4元
匯豐環球研究發表報告指,維珍妮(02199.HK)2021財年上半財年(截至今年9月底)錄淨虧損3,200萬元,主要因為期內收入按年跌兩成以及經營去槓桿等,如撇除深圳廠房重組等的4,400萬元一次性開支及人力資源等因素後,期內核心淨利則為1,200萬元,按年跌91%。
該行指,留意到公司業務逐步復甦,而維珍妮收入按年跌幅已有收窄,另外管理層指未來六個月訂單增長達雙位數,相信亦與主要品牌客戶的銷售勢頭一致,相信公司定位良好,市佔亦將提升,而其內地及越南廠房亦受疫情影響較少,相信2021下半財年收入將按年增長10%,目標價由2.3元升至4元,評級由「持有」升至「買入」。
匯豐環球研究指出,維珍妮正逐步減少對L Brands的依賴,並令收入來源更多元化,相信Victoria's Secret銷售所帶來的影響將有所減輕。在2018-2020財年中,L Brands的收入貢獻跌約10個百分點,相信比例在2021上半財年進一步下降,因為公司運動相關產品包括是運動胸圍及功能性運動產品等分別升30%及93%,而同時防疫產品佔比亦達15%。
另外,維珍妮今年亦獲得了三家新的品牌客戶,分別是Lululemon(LULU.US)、Gymshark及Target(TGT.US),相信將進一步減低對Victoria's Secret的依賴並轉向女性運動服裝方面的機遇。(el/w) ~
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