《大行報告》匯豐研究首予JS環球生活(01691.HK)「買入」評級 目標價27.3元
匯豐研究以「受中國供應鏈支持的國際小家電品牌」為題發表報告,首予JS環球生活(01691.HK)「買入」評級,以現金流折現率計,目標價27.3元。報告稱,其成功建基於其持股51%附屬九陽股份(002242.SZ)及2017年所收購全資附屬SharkNinja之間的協同效應。報告稱,利用九陽廣泛內地供應鏈,有助SharkNinja加快新產品渠道,減少生產成本,及提振利潤率。
報告稱,九陽屬內地食品準備設備品牌「一哥」,及第三大小型煮食設備品牌。在美國,SharkNinja是第三大吸塵機品牌,其市佔自2018年的5.4%升近一倍至2020年的10%。去年上半年,JS環球生活收入約48%來自北美,40%來自中國內地,10%來自歐洲(主要是英國)。
匯豐研究表示,JS環球生活自2019年12月上市以來,股價由5元水平升至21.05元,本年至今累升41%。不過,報告稱,SharkNinja增長續支持估值重評,JS環球生活收入及毛利率料持續擴張。透過產品種類及地區擴張,該行料SharkNinja收入在2020至2022年間收入年均複合增長達19%。考慮較高的增長憧憬,該行認為與同業比較,JS環球生活估值仍吸引。
報告料JS環球生活2020至2022年間收入年均複合增長達17.4%,純利年均複合增長達30.6%。SharkNinja純利貢獻佔比料由2020年的77.6%擴至2022年料81.3%。
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.