《大行报告》大和:思摩尔(06969.HK)首季盈喜符预期 维持「买入」看64元
大和发表的研究报告指,思摩尔国际(06969.HK)发盈喜,料首季经调整溢利将达12.27亿元人民币,按年强劲增长288%,而去年第四季经调整溢利则为14.26亿元,意味今年首季按季跌14%,主要因为受农历新年影响实际生产时间缩短两周。考虑到相关因素,该行认为首季公司产能利用率接近满载,故盈利能力应按季持平。虽然4月22日是内地电子烟行业谘询的最後一日,不过该行不预期短期监管层面会更清晰,重申「买入」评级,目标价维持64元。
该行指出公司首季经调整溢利相当於其全年预测的24%,相信首季表现强劲是受惠第二大客户雾芯科技(RLX.US)所带动,雾芯科技指引今年首季收入按季升42%。虽然该行明白雾芯科技正透过多元化产品供应以渗透低线城市,不过认为其新客户最终亦会转向由思摩尔供应的产品,估计思摩尔上半年订单维持强劲,因为上半年内地法规料难完成,品牌或会在政府作出决定前加大销售。展望下半年该行认为内地电子烟发牌方面或有更多不确定性,但对制造商的影响相对品牌可控,特别是公司有较强的海外业务。(el/k) ~
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