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《大行報告》摩通下調國美零售(00493.HK)目標價至0.45元 評級「減持」
阿思達克 09-06 09:57
摩根大通發表研究報告指,國美零售(00493.HK)上半年錄得虧損約20億元人民幣,幅度較去年同期的26億元人民幣有所改善,主要由於期內產品組合調整,令毛利率回升;收入按年增長37%,帶動經營槓桿水平改善,以及營銷開支比率下跌。 上半年用戶回購率達30%,雖然毛利率正步入正常化軌道,但摩通表示,仍對公司未來發展維持審慎看法,認爲在較高金融成本下,收入未來可能未見顯着增長,市場競爭加劇亦會推高銷售成本。 該行對國美零售維持「減持」評級,指出以現有每年財務開支約20億元人民幣計,預期至少至2023年纔可回覆收支平衡。 摩通預測在去年高基數影響下,國美下半年收入增長將放慢至11%,目標價由0.55元下調至0.45元。
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