《大行報告》匯豐研究下調晶苑(02232.HK)目標價至4.5元 評級「買入」
匯豐研究發表的報告指,晶苑國際(02232.HK)上半年盈利表現符預期,不過期內收入則受東南亞封城輕微影響,期內運動服裝仍然是亮點,雖然疫情反覆不過估計疫苗接種等將帶來幫助,該行將公司目標價由5元降至4.5元,維持「買入」評級,認為公司長遠增長不變,估值吸引。
該行指出上半年公司淨利按年增131%,符早前公布的盈喜,倘撇除去年同期的一次性開支影響,期內盈利增長僅14%,與收入增長一致。按業務劃分,期內運動服裝仍然是收入增長引擎,期內按年升42%,該行認為公司加強了與Nike及Adidas的合作,估計長遠仍會受惠。另外公司亦加大力度垂直整合,相信亦有幫助。該行指出過去兩季Nike、Puma及Uner Armour等的運動服裝公司收入大幅跑贏非運動品牌,相信公司的運動服裝分部2020至2023年的收入年複合增長將為33%,到2023年將貢獻整體收入的25%,長遠來看集團亦料運動服裝的利潤率將高於休閒服裝。
該行認為市場擔心疫情或會影響公司擴產計劃及令廠房停工,另外亦憂慮運輸成本上升的影響,該行指出東南亞疫情反覆,尤其越南及孟加拉接種率低仍會帶來挑戰,不過兩個國家均有加快接種,越南目標到2021年12月成人接種率可達50%,而集團亦有將柬埔寨廠房由服務歐洲客戶改為服務PUMA及Uniqlo,目標將員工數目增至2,800人,以減輕擴產延遲的影響。在運輸成本方面該行認為影響有限,因為集團採用的模式下,運輸成本大部分由客戶負擔。
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