《大行報告》大摩一舉升晶苑(02232.HK)評級至「增持」 目標價上調至4.5元
大摩發表的研究報告指,將晶苑國際(02232.HK)評級由「減持」升至「增持」,並將目標價由2.3元升至4.5元,主要認為2021年補庫存需求及供應層面的整合將支持其訂單表現,料今年上半年其廠房獲穩健訂單,產能將可全面利用,同時在去年較弱勢的情況下,受惠客戶Adidas及Nike帶動,公司體育服裝及戶外服裝銷售仍錄25%的增長,而運動服裝已佔公司去年收入的15%。考慮到訂單前景理想,加上與國際體育服裝品牌有長期合作,配合其產能擴張計劃等,估計今明兩年體育服裝銷售將分別升17%及20%,總體而言料今年收入可增長15%。
該行指出,去年下半年公司毛利率擴張,主要受執行能力有改善及加急訂單方面帶動。展望今年料公司毛利率或按年下跌至2019年水平,因為現時其運動服裝策略主要聚焦於獲取訂單及增加市場份額,而相關產品明年毛利率亦料下跌。總括而言大摩料公司2021年毛利率將為19.1%,按年收窄0.3個百分點,不過考慮到收入規模擴大有利於經營效益,同時管理層亦會控制經營開支,料公司20211年經營利潤率將為7.8%,今年淨利增長可達46%,並回復至2019年水平。
大摩相信今年重拾盈利增長有助股份獲重估,新的目標價反映預測市盈率10.5倍,較同業聚陽實業的估值仍有折讓,目標價4.5元意味潛在上行空間仍有29%。
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