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大和:升歐舒丹(0973.HK)目標價至38港元 第三財季銷售強勁
格隆匯 01-26 16:38

大和發研報表示,歐舒丹(0973.HK)2022財年第三季淨銷售按年增長13.5%至6.5億元(歐元.下同),較新冠疫情前表現加速。該行重申其“買入”評級,將目標價由36港元上調5.56%至38港元。

大和指,以品牌分類,歐舒丹、ELEMIS及其他品牌期內淨銷售分別按年升8%、39%及18%。以季理位置分類,英國、法國及中國以固定匯率計算淨銷售分別按年增22%、14%及14%。該行續指,期內見到零售、批發及線上渠道錄得強勁復甦,當中零售按年升13%,線上銷售按年升4%。

大和引述管理層指,銷售增長動力主要來自歐舒丹及ELEMIS品牌一月至今在Omircon在幾個主要市場爆發仍維持穩健,集團繼續跑贏同業主要由於其強勁線上銷售渠道及其於高端頭髮護理產品的領導地位,以及香水業務的增長。該行指,集團2022財年的指引稍為上調,預期淨銷售按年升15-16%,營業利潤率將達15-16%。該行則將其2022-24財年盈利預測上調3%。

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