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《大行报告》野村上调晶苑国际(02232.HK)目标价至4.3元 评级「买入」
阿思达克 03-22 10:13
野村发表的研究报告指,晶苑国际(02232.HK)去年净利跌20%至1.08亿美元(下同),好过该行及市场预期18%,去年收入按年跌18.2%至19.9亿元,大致符预期。去年公司毛利率轻微扩张0.3个百分点至19.4%,而受疫情影响部分生产受弱拖累销售、一般及行政开支比率扩大1个百分点至12.8%,而去年净利润率则收窄0.9个百分点至5.4%。为庆祝集团50周年,公司宣派每股5仙特别息,而全年派息比率则提升至39.2%。

该行指出,自公司於2019年获Adidas加入成为客户後,於去年上半年亦成功与Nike签约,带动去年全年体育服装销售增长达25%,贡献去年整体销售的15.4%,公司亦新增两家厂房应付新增客户,料2021-22财年目标员工数目达5,200人及7,000人,相信渗透体育服装的进展在正轨上,其中Adidas在两年内成为公司十大客户,估计Nike在2022年前亦能打入十大,估计2021-23年公司销售规模将分别按年升26.8%、14.5%及12.3%。

野村指出,零售渠道库存水平健康,加上公司客户近月订单表现亦正面,估计到今年6月产能便能全面使用,不过料2021年产能增长部分被英国重组所抵销,但到2022年增长则能加快。该行相信受惠体育服装贡献,平均销售单价势头有利好,不过因为公司聚焦於扩张新客,料2021-22年毛利率将维持平稳,而2023年利润则有较好前景。该行将公司2021-23年销售升9%及18%,净利预测则升19%及20%,以反映销售增长及经营效益改善,目标价由1.8元升至4.3元,评级由「中性」升至「买入」。(el/k) ~

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