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《大行报告》大摩一举升晶苑(02232.HK)评级至「增持」 目标价上调至4.5元
阿思达克 03-22 10:13
大摩发表的研究报告指,将晶苑国际(02232.HK)评级由「减持」升至「增持」,并将目标价由2.3元升至4.5元,主要认为2021年补库存需求及供应层面的整合将支持其订单表现,料今年上半年其厂房获稳健订单,产能将可全面利用,同时在去年较弱势的情况下,受惠客户Adidas及Nike带动,公司体育服装及户外服装销售仍录25%的增长,而运动服装已占公司去年收入的15%。考虑到订单前景理想,加上与国际体育服装品牌有长期合作,配合其产能扩张计划等,估计今明两年体育服装销售将分别升17%及20%,总体而言料今年收入可增长15%。

该行指出,去年下半年公司毛利率扩张,主要受执行能力有改善及加急订单方面带动。展望今年料公司毛利率或按年下跌至2019年水平,因为现时其运动服装策略主要聚焦於获取订单及增加市场份额,而相关产品明年毛利率亦料下跌。总括而言大摩料公司2021年毛利率将为19.1%,按年收窄0.3个百分点,不过考虑到收入规模扩大有利於经营效益,同时管理层亦会控制经营开支,料公司20211年经营利润率将为7.8%,今年净利增长可达46%,并回复至2019年水平。

大摩相信今年重拾盈利增长有助股份获重估,新的目标价反映预测市盈率10.5倍,较同业聚阳实业的估值仍有折让,目标价4.5元意味潜在上行空间仍有29%。

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