《大行报告》瑞银上调JS环球生活(01691.HK)目标价至32元 评级「买入」
瑞银发表研究报告指,投资者关心JS环球生活(01691.HK)今年的利润风险,当中包括对美国消费开支过份乐观,以及公司中长远的产品创新、新产品类别和新市场扩张能力。
该行目前预期,美国家用开支有2万亿美元以上的增长,而消费意慾亦见上升,特别是在家居生活改善当中,在房屋销售增长的情况下,将持续支持公司的增长,估值吸引,料2021至23年盈利年复合增长率为38%,对比同业为15%。
该行又指,在更新关税、商品价格反弹、人民币汇率上升等情况下,或拉低旗下SharkNinja今年毛利率,即使可被产能重置、供应链协同、组合改善、价格上升等所抵销,预期毛利率於今年跌1.7个百分点,而明年为增长1.5个百分点,该行上调2021/22年盈测5%至6%,目标价由30元升至32元,重申「买入」评级。
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