《大行报告》里昂上调维达(03331.HK)目标价至35元 评级「买入」
里昂发表研究报告指,维达(03331.HK)今年首季收入及盈利表现均胜预期,考虑到公司目前木浆库存超过六个月,加上严谨价格管控,预期即使木浆成本高企,未来几季亦可维持较高毛利率。
报告指出,维达今年首季受惠於产品组合调整及原材料存货成本低,毛利率上升至38.9%,分别按年及按季提升1.4个百分点及1.9个百分点,净利润率亦按年提升1.3个百分点。
首季Tempo品牌纸巾中国市场销售额按年增长逾80%,女性卫生用品更增长100%。里昂表示,个人护理产品销情向好,将2021至2023年销售额预测上调2%至3%,净利润上调3%至7%,并将目标价由31.9提升至35元,维持「买入」评级。
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