野村:維持新秀麗(1910.HK)買入評級 目標價21.6港元
野村發表研究報吿指,新秀麗(1910.HK)在美國和中國強勁復甦的推動下,今年第二季銷售略有改善。該行預期,集團2021財年將利潤率會擴闊,運營槓桿會更強,主要由於全球逐步採用疫苗以及集團重組計劃帶來的永久性固定成本節省,維持集團目標價21.6港元及買入評級。
野村表示,管理層預期今年第二季集團層面的銷售額按季略有改善,主要受北美和中國市場復甦的推動。第二季初至今的銷售額較2019年同季下降了55%至56%。該行指,集團的旅行細分市場已經逐漸改善,尤其是行李箱。此外,高端產品的銷售情況較佳,因為高收入消費者受疫情影響較小。
野村提及,管理層有信心在今年下半年實現正高個位數至低兩位數的調整後EBITDA利潤率,即使銷售額仍比2019年下半年降30%至40%。集團目標是今明兩年的調整後的EBITDA利潤率分別為中雙位數及高雙位數。
野村指出,集團毛利率在今年首季按年降6.1個百分點至48.7%,經營槓桿減低70個基點,管理層預期,隨着需求和產量的增加,這種情況將會減少。總體而言,集團毛利率或會在未來幾個季度回到約55%的水平,不過,具體情況仍取決於全球復甦。

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