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《大行報告》瑞信下調中國有贊(08083.HK)目標價至1.03元 評級「中性」
阿思達克 11-10 10:11
瑞信發表報告,指中國有贊(08083.HK)首九個月商品成交金額(GMV)錄約718億元人民幣(下同),比該行預測低3%。收入亦比該行預測低10.7%,主要是由於雲服務費下降。而第三季毛利率達61.3%,按年增長0.9個百分點,並比該行預測多2.1個百分點,但營業費用按年增長28.6%,比該行預測大幅高出45%,拖累純利表現。 瑞信將中國有贊2021財年的GMV預測由1,072億元下調至985億元,意味按年下降5%。但將2022和2023年的GMV增長率預測分別保持在16%和28%。同時將2021至2023年各年收入預測分別降低5%、8%及14%,以反映GMV及ARPU下降預測。目標價由1.26港元下調至1.03港元,評級保持「中性」。
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