《大行报告》大和首予JS环球生活(01691.HK)「买入」评级 目标价25.5元
大和发表研究报告,首次给予JS环球生活(01691.HK)「买入」评级,指出其多品牌战略下,九阳及SharkNinja分别捉紧了中国及欧美市场小家电的结构性增长机遇,预测集团凭藉持续创新、强大的销售渠道与品牌执行力,在发掘尚未开发的市场潜力同时,可释放品牌间的协同效应,预期2019至2022年盈利将实现年复合增长117%。
大和指出,JS环球生活不断扩展产品组合,以满足消费者不断变化的需求,同时保持领先地位,产品多元化令其打入智能家居等新兴细分市场,释放增长动力。
该行续指,JS环球已在Foodi系列产品开展协作开发,并於中国推出Shark品牌,预期2020年节省约5,000万美元的成本,预计品牌的全球化协同效应将进一步得以释放,有助於在2020至2022年净利润率提升0.8个百分点,以2021年预测市盈率约33倍给予目标价25.5元。
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