《大行報告》花旗下調藍月亮(06993.HK)目標價至12.36元 評級「買入」
花旗發表研究報告,指藍月亮(06993.HK)受渠道改革短期影響,預期上半年銷售按年不會有明顯擴張,不過料下半年則會有改善,並屬其傳統銷售旺季;考慮下調今明兩年收入預測13%至14%,相應降盈測26%至27%,維持予「買入」評級,目標價由16.14元降至12.36元。
該行指出,在首季末,藍月亮整合線上線下銷售團隊,令產品定價更具紀律性,以及在全渠道下有更好的銷售效率,同時渠道改革消除了在B2B線上銷售中,線下批發與分銷商之間的利益衝突,料短期銷售干擾過後,5月至6月整體銷售料見改善。管理層預期渠道改革的好處將於下半年呈現。在疫情前的2019年,上下半年分別貢獻全年銷售的39%及61%。
花旗又稱,藍月亮上半年將部分在疫情期間退回之液體洗滌劑產品作贈品送出,雖然對毛利有負面影響,但有助降低銷售開支,即使近期原材料價格變動,管理層預期今年毛利率可在60%以上。
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