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《大行報告》瑞信一舉降寶尊電商(09991.HK)評級至「跑輸大市」 目標價下調至59元
瑞信發表研究報告,微降寶尊電商-SW(09991.HK)次季交易總額(GMV)按年升幅預測由18%降至17%,料錄150億元人民幣(下同);收入按年升幅預測由21%降至10%,料錄24億元,主因渠道延遲及電商市場放緩等。經調整經營溢利預測由1.71億元降至1.52億元,意味經營毛利率6.4%。

報告稱,由於天貓面對增長壓力等因素,該行下調寶尊今年收入增長預測由34%降至16%,料錄103億元;全年經調整經營溢利預測由7.82億元降至6.63億元,相當於按年跌1%。

瑞信表示,電商領域競爭加劇及獲客成本上升,天貓面對更大增長壓力。同時,資源流向中小企及新品牌,或潛在影響已成熟品牌的銷售。該行喜好寶尊執行力但行業逆風或窒礙未來增長。該行下調寶尊2021至2023年盈測介乎12%至17%,料行業逆風及持續監管收緊將帶來進一步向下重估風險。該行下調寶尊估值基礎,由明年預測市盈率21倍降至14倍,H股目標價由106元降至59元,評級由「跑贏大市」一舉降至「跑輸大市」。

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