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《大行報告》大和升藍月亮(06993.HK)評級至「持有」 目標價下調至6.1元
阿思達克 08-27 10:12
大和發表報告,指藍月亮(06993.HK)上半年收入按年下降3%,略差預期。由於更多的批發折扣和更高的投入成本,毛利率按年下降了10.5個百分點。隨著批發折扣收窄和衣物護理產品銷售復甦,將2021年至2023年的收入預測提高8%至9%,2022年至2023年的每股盈測提高4%至10%,但由於上半年不利的產品結構變化,將今年下半年的每股盈測降低3%。目標價由7元下調至6.1元,評級由「跑輸大市」升至「持有」。 大和指,藍月亮管理層目標是在下半年衣物護理和其他產品的收入貢獻分別達到70%和30%,上半年為83%和17%,所有部門的高利潤產品貢獻都將增加。管理層的目標是在2021年收入按年增長20%至25%,毛利率約60%,但投入成本增加帶來了挑戰。
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