《大行報告》花旗上調維達(03331.HK)目標價至22.6元 評級「中性」
花旗發表報告指,維達國際(03331.HK)在2021年第四季的核心盈利按年下降19%符合該行預期,預料2022年淨利潤率將優於2021年下半年,但鑑於2021年上半年的高基數,全年毛利率仍將下降,將導致2022年盈利持續下滑。該行將維達目標價由21.9元上調至22.6元﹐相當預測今年市盈率18倍,維持「中性」評級。
花旗將維達2022年和2023年的淨利潤預測上調3%至4%,指管理層目標是在2022年在中國市場實現雙位數的增長,不過海外市場由於新冠疫情長存在不確定性,但隨著防疫限制逐漸放寬,預計與2021年相比會有所改善。
對於毛利率,管理層仍然有信心通過提價和高端市場改善銷售組合,來抵銷略微增加的紙漿成本壓力。管理層繼續將2022年的經營毛利率目標定在高於2019年的水平。
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