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大和:重申寶尊電商(9991.HK)“買入”評級 目標價128港元
格隆匯 05-21 17:08

大和發表研究報吿指,寶尊電商(9991.HK)商品成交金額(GMV)組合可進一步擴展,另外,集團投資新興渠道,料其利潤短期內受壓。該行重申其“買入評級,但將目標價由135港元下調至128港元。

該行指,集團的GMV組合可進一步擴展到全渠道。由於預期來自京東、Mini Program、抖音等新興渠道的GMV貢獻將進一步擴大,該行認為,今年第二季服務收入的抽擁比率將按年下降0.2個百分點至10.2%,而這種趨勢很可能會在今年餘下時間持續

基於新彊棉事件對4月和5月初的某些國際服裝品牌產生負面影響,大和預期,集團今年第二季的收入將僅按年增長21%,因為服裝和配飾佔總GMV的50%以上,其中大部分來自運動服裝。考慮到對運動服細分市場的負面影響,該行料今年收入將按年增長34%。

儘管集團首季的非通用會計準則營業利潤率按年增長1.3個百分點,但該行預期,次季的非通用會計準則營業利潤率將按年下降2個百分點至6.7%。另外,該行指,由於集團的投資增加,將2021至22年的淨利潤下調4至11%。

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