麥格理:歐舒丹(0973.HK)核心品牌表現良好 重申“優於大市”評級
麥格理髮研報指,歐舒丹(0973.HK)2022財年第二季度銷售按年升13.3%至3.88億歐元,核心品牌及Elemis銷售表現良好是推動業務增長的關鍵。該行重申其“優於大市”投資評級,目標價33.1港元,但將2022及23財年盈利預測各輕微下調0.1%,以反映第二財季的銷售。
報吿指,歐舒丹2022財年第二季同店銷售,由首財季的按年增長25%,放緩至下跌1.2%,雖然線上銷售表現穩健,新產品桂花香氛系列成功推出,但線下銷售仍受區域性疫情影響。中國市場雖然競爭激烈,但仍具有韌性。此外,經濟開始好轉,隨着遊輪逐步迴歸,公司核心品牌和Elemis表現良好,第二財季銷售額分別按年增長12.7%和46.9%。Elemis在中國的第一家線下旗艦店剛剛在上海開業,歐舒丹計劃在2022財年年底前再開設3間門店。然而,由於高薪酬和新的美容指南招聘挑戰,Limelife的銷售額按年下跌23.9%。管理層維持2022財年收入增長指引在11-13%。

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