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《大行报告》汇丰研究升晶苑(02232.HK)评级至「买入」 目标价倍升至5元
阿思达克 03-22 10:35
汇丰研究发表的报告指,晶苑国际(02232.HK)去年下半年业务显着反弹,其中净利跌幅仅12%,较上半年按年跌54%显着改善,估计其核心净利已回复至疫情前水平,其中值得留意的是体育服装业务,相关类别去年上半年收入已录按年增长,而增长亦持续,去年贡献集团收入的15%,公司宣派末期连特别息每股10.8仙,当中包括派特别息每股5仙庆祝集团50周年。

该行留意到近期服装零售销售及美国库存销售比例的数据,认为库存水平及去货表现健康,大型品牌收入势头亦持续改善,另一方面公司主要客户日本Uniqlo的月度销售数据显示,自去年6月起持续录得按年正增长,所以相信公司短期需求复苏势头仍然强劲,而管理层在业绩会议上亦指产能现时已全获预订。

在业绩简布会上管理层亦表示对体育用品业务信心持续增加,主要因为龙头品牌客户转向多元化供应,为配合两大客户Nike及Adidas,公司将增加产能以应付需求,该行相信将为公司释放新的增长周期,除支持公司收入增长外,亦有助收窄与同业之间的估值折让。

该行将公司2021至2022年净利预测升18至26%,目标价由2.5元倍升至5元,以反映盈利预测提升、现金流改善等因素,评级由「持有」升至「买入」。

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