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《大行報告》匯豐研究下調藍月亮(06993.HK)目標價至6.6元 評級「持有」
阿思達克 08-27 09:34
匯豐研究發表研究報告指,藍月亮(06993.HK)上半年業績令人失望,按固定匯率計收入按年跌11%,錄EBIT利潤率負4.5%,2019年同期則為正16.3%,主因毛利率按年收縮11個百分點及銷貨及行政開支比率上升。管理層將業績差過預期歸因於期內大幅折扣、原材料上漲及營銷增加,致毛利率受壓。 報告指出,由於期內更積極的營銷、新產品推廣及線上渠道佔比提升,應付賬款及物流成本按年升35%及20%。隨著折扣幅度收窄,管理層預期下半年業績將有所改善,毛利率將回升,其中營銷及行政開支比率目標全年維持約29%,與去年度持平,並維持全年收入20%增長目標。 匯豐研究表示,未見公司有明確計劃可令業績見起色,預期下半年收入僅錄得輕微反彈,因此將2021至2023年淨利潤預測下調17.2%、6.4%及9.5%,預測收入複合增長12.5%,明後兩年EBIT利潤率料恢復至15%,惟仍遠低於2020年高位24%,目標價由7.6元下調至6.6元,維持「持有」評級。
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