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《大行報告》瑞信下調雷蛇(01337.HK)目標價至3.25元 評級「跑贏大市」
阿思達克 08-26 09:39
瑞信發表研究報告指,雷蛇(01337.HK)上半年業績表現超出預期,對比過往的季節性倒退十數個百分點,今年上半年銷售僅較去年下半年跌2%,主要增長來自電競需求強勁帶動週邊設備及服務業務提升。上半年雷蛇毛利率錄27.1%,亦超出該行預期。 報告指,公司預期全年銷售額將按年增長25%以上。瑞信表示,預期毛利率可維持於平穩水平,因此上調全年銷售額增長預測,由25%以上調高至28%以上。預料由於再投資計劃,下半年經營溢利率將降至4%。 該行認為,再投資計劃有助雷蛇實現長期增長,但將推高營運開支,將今明兩年每股盈利預測下調4%至8%,2023年則提升3%,基於企業價值對EBITDA比率約22倍,將目標價下調至3.25元,評級「跑贏大市」。
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