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《大行報告》花旗下調藍月亮(06993.HK)目標價至10.39元 評級「買入」
阿思達克 09-01 10:01
花旗發表報告,將藍月亮(06993.HK)2021年和2022年的凈利潤預測分別削減18%和24%,以反映收入假設削減分別10%和14%,目標價由12.36元下調至10.39元,維持「買入」評級。 花旗指,管理層目標是在2021年實現20%至25%的銷售增長,意味著下半年要實現32%至40%的銷售按年增長。該行認為目標過於樂觀,特別是考慮到下半年消費放緩,以及渠道改革後第四季線下渠道銷售更加正常,預測今年全年12%營收增長。鑒於第四季旺季對大客戶的折扣不確定,預測全年的毛利率為59.2%,低於管理層的60%以上的目標。
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