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《大行報告》美銀證券降維達(03331.HK)評級至「跑輸大市」 目標價下調至19元
阿思達克 10-25 09:56
美銀證券發表報告,將維達國際(03331.HK)投資評級由「中性」降至「跑輸大市」,以反映其第三季需求疲弱下,銷售增長和經營利潤率遜預期,非理性價格戰及原料成本上升,料全年業績將遜市場預期;第四季比較基數高;自第四季起毛利率壓力加劇,料壓抑提價能力及組合升級。該行削維達今明兩年盈測各18%,目標價由24.6元降23%至19元。 該行指出,預期維達第四季銷售受累去年同期高基數,以及線上渠道碎片化影響,並相信今年末季及明年毛利率受壓,因公司須採購更昂費木漿;倘木漿價格續升,最高成本壓力料屬今年末季及明年首季。此外,公司持續就個人護理產品投放銷售和市場開支;料明年毛利率及淨利潤率將按年收縮。近期內地「電荒」,特別是山東及廣東,料影響大部分原紙及紙巾類生產和成本,或帶來更佳競爭環境,以及爲維達創造提價的機會,但該行不相信這足以抵銷未來6至12個月成本壓力。
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