You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》野村上調晶苑國際(02232.HK)目標價至4.3元 評級「買入」
阿思達克 03-22 10:13
野村發表的研究報告指,晶苑國際(02232.HK)去年淨利跌20%至1.08億美元(下同),好過該行及市場預期18%,去年收入按年跌18.2%至19.9億元,大致符預期。去年公司毛利率輕微擴張0.3個百分點至19.4%,而受疫情影響部分生產受弱拖累銷售、一般及行政開支比率擴大1個百分點至12.8%,而去年淨利潤率則收窄0.9個百分點至5.4%。為慶祝集團50週年,公司宣派每股5仙特別息,而全年派息比率則提升至39.2%。

該行指出,自公司於2019年獲Adidas加入成為客戶後,於去年上半年亦成功與Nike簽約,帶動去年全年體育服裝銷售增長達25%,貢獻去年整體銷售的15.4%,公司亦新增兩家廠房應付新增客戶,料2021-22財年目標員工數目達5,200人及7,000人,相信滲透體育服裝的進展在正軌上,其中Adidas在兩年內成為公司十大客戶,估計Nike在2022年前亦能打入十大,估計2021-23年公司銷售規模將分別按年升26.8%、14.5%及12.3%。

野村指出,零售渠道庫存水平健康,加上公司客戶近月訂單表現亦正面,估計到今年6月產能便能全面使用,不過料2021年產能增長部分被英國重組所抵銷,但到2022年增長則能加快。該行相信受惠體育服裝貢獻,平均銷售單價勢頭有利好,不過因為公司聚焦於擴張新客,料2021-22年毛利率將維持平穩,而2023年利潤則有較好前景。該行將公司2021-23年銷售升9%及18%,淨利預測則升19%及20%,以反映銷售增長及經營效益改善,目標價由1.8元升至4.3元,評級由「中性」升至「買入」。(el/k) ~

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.
uSMART
Wealth Growth Made Easy
Open Account