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JS環球生活(01691.HK):認清品牌出海核心競爭力
格隆匯 06-28 00:01
公司近況我們跟蹤公司近況,歐美地區持續保持擴張趨勢。評論市場未能完全認清品牌出海的核心競爭力,近期對歐美消費品市場的擔憂導致公司股價回調。我們認為當前公司是難得的低估值的全球清潔電器龍頭。市場擔憂導致調整:1)市場擔憂人民幣升值、原材料成本上漲、美國部分產品關税加徵、美國2H21同比高基數等負面影響。2)市場未能區分跨境電商、品牌出海之間的差異,將利好解讀為利空。我們認為2021/1/1英國税改、2021/7/1歐盟税改,歐洲市場OMP平台將實行VAT代扣代繳等政策,這有利於規範行業,有利於品牌出海企業發展。歐美地區保持擴張勢頭:1)亞馬遜Prime Day期間Shark在美國亞馬遜立式吸塵器Best Seller Rank(2021/6/22 24:00)佔據第一、三名,Shark掃地機器人產品位列該品類第二名,公司在美國本土繼續保持競爭優勢。此外,Shark品牌包攬英國亞馬遜吸塵器品類BSR前六名,Ninja在法國亞馬遜電壓力鍋品類中BSR排名第一。2)公司英國市場已經躋身一線品牌,當前正積極拓展歐洲其他市場。由於疫情影響,目前德法尚未開設線下門店,但公司會在當地建立銷售辦公室,推動後續渠道的開拓。2021年公司計劃進一步進入意大利、西班牙市場。看好清潔電器和新品類擴張:1)Shark今年已經推出空氣淨化器,並計劃推出吹風機,擴展至個護領域;Ninja品牌也計劃下半年推出刀具產品。2)全球清潔類電器市場已經被中國創新激活,掃地機、洗地機正處於快速成長期。公司積極在北美推廣激光導航掃地機,我們預計市場份額會持續提升。我們預計公司會繼續學習中國在洗地機、掃拖一體機的微創新,提升產品競爭力。估值與建議公司前期收購少數股東損益,疊加中國清潔電器創新對歐美市場的刺激超預期,上調2021/2022年調整後淨利潤17%/16%至5.27億美元/6.26億美元。當前股價對應2021/2022年調整後歸母淨利潤19.6倍/16.9倍P/E,維持跑贏行業評級,我們認為公司近期股價上漲已反映海外較好的表現,維持目標價27.45港元,對應調整後歸母淨利潤24.0倍/20.7倍2021/2022年P/E,上行空間22.5%。風險市場競爭風險;市場需求波動風險;人民幣匯率波動風險。
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