中信證券:首予藍月亮(6993.HK)增持評級 目標價20.25港元
中信證券發表研究報吿指,藍月亮集團(6993.HK)的品牌力有望持續增強,長期增長力明確。集團作為目前唯一一家本土優質日化上市龍頭所具備的稀缺性以及產品和管道推動下潛在增長性,將使集團享估值溢價,首予增持評級,目標價20.25港元。
該行預期,藍月亮2020至2022年收入分別為70.02億、96.85億及118.02億港元,經營溢利分別為17.89億、26.91億和33.83億港元,淨利潤13.79億、21.16億及26.51億港元,對應每股盈測為0.24、0.36和0.45港元。
該行表示,集團線下渠道積極挖潛有望推動公司打開市場。收入高增長的同時,雖然原材料價格上漲影響毛利率,但預期存貨管理、生產效率提升以及員工效率提升、銷售體系重構,將降低集團成本及費用支出,料其2020至2021年將保持毛利率快速提升趨勢,明年以後趨於平穩。

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