《大行報告》大和:思摩爾(06969.HK)首季盈喜符預期 維持「買入」看64元
大和發表的研究報告指,思摩爾國際(06969.HK)發盈喜,料首季經調整溢利將達12.27億元人民幣,按年強勁增長288%,而去年第四季經調整溢利則為14.26億元,意味今年首季按季跌14%,主要因為受農曆新年影響實際生產時間縮短兩周。考慮到相關因素,該行認為首季公司產能利用率接近滿載,故盈利能力應按季持平。雖然4月22日是內地電子煙行業諮詢的最後一日,不過該行不預期短期監管層面會更清晰,重申「買入」評級,目標價維持64元。
該行指出公司首季經調整溢利相當於其全年預測的24%,相信首季表現強勁是受惠第二大客戶霧芯科技(RLX.US)所帶動,霧芯科技指引今年首季收入按季升42%。雖然該行明白霧芯科技正透過多元化產品供應以滲透低線城市,不過認為其新客戶最終亦會轉向由思摩爾供應的產品,估計思摩爾上半年訂單維持強勁,因為上半年內地法規料難完成,品牌或會在政府作出決定前加大銷售。展望下半年該行認為內地電子煙發牌方面或有更多不確定性,但對製造商的影響相對品牌可控,特別是公司有較強的海外業務。(el/k) ~
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