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《大行報告》麥格理上調歐舒丹(00973.HK)目標價至38元 評級「跑贏大市」
阿思達克 11-30 10:10
麥格理髮表報告,指歐舒丹(00973.HK)憑藉不斷擴大的產品組合和靈活的渠道戰略,相信其有望實現結構性毛利率改善。該行重申歐舒丹「跑贏大市」評級,目標價由33.1元上調至38元。 麥格理認爲,由於歐舒丹穩健的營銷活動、新產品推出和下半個財政年度銷售一般較強勁,對公司全年毛利率達超過15%的目標感到樂觀。該行將歐舒丹2022和2023財政年度盈利預測分別上調13%和8.8%。 麥格理預期,歐舒丹最近進入新市場將爲未來的銷售增長鋪路,新冠病毒Omicron或令各國採取不同措施遏制疫情,但預計歐舒丹將加強其電商業務,以彌補線下較弱的銷售。該行指,歐舒丹收購83%間接股權的Sol de Janeiro,有65%的銷售額來自電子商務,應能幫助歐舒丹快速進入新市場,Sol de Janeiro也可以利用歐舒丹的全球分銷網絡進行線下擴展,預計Sol de Janeiro的加入,將有助歐舒丹擴大其年輕客戶羣,並增加其在北美的佈局。
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