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《大行報告》麥格理下調歐舒丹(00973.HK)目標價至33.1元 評級「跑贏大市」
阿思達克 08-11 11:43
麥格理發表報告,將歐舒丹(00973.HK)2022財年和2023財年的盈利預測分別降低7.3%和4.5%,以反映2022年第一季度較低的銷售額和更審慎的利潤率假設。目標價由35元下調至33.1元,基於24倍的2023財年預測市盈率不變,評級「跑贏大市」。 麥格理指,歐舒丹2022財年第一季收入按年增長27.7%,在固定匯率下達3.37億歐元。儘管疫情在不同地區局部反彈,但看到銷售額比疫情前,即2020財年第一季增長3.1%,成績令人鼓舞。 另外,麥格理提到,歐舒丹電子商務的銷售有所改善,由於該渠道的利潤率高於線下銷售,預計電子商務業務的增長將推動該公司的營業利潤率。此外,更好的品牌組合是提升利潤率的另一個驅動力,估計利潤率較高的品牌Elemis將享受最快的增長,並在2022財年佔整體銷售的低雙位數。
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