《大行報告》麥格理首予維達(03331.HK)「跑贏大市」評級 目標價34元
麥格理表示,維達(03331.HK)以完整的優質品牌組合和高在線滲透率,在這成產品升級趨勢中處於有利地位,而且能擴展到尚未開發的市場,由於中國人口結構變化,相信失禁護理可能引領個人護理業務增長。該行首予維達「跑贏大市」評級,目標價34元。
麥格理預計,維達的盈利增長將在今年第一季觸底,並在2023年實現47.8%的增長。該行指,根據最新定價,中國進口木漿價格指數較去年3月的峰值下跌20%。由於紙業通常持六個月的低成本庫存,預計維達的經營毛利率在今年第一季將觸底達8%,但隨著今年投入成本的降低,2022和2023年毛利率分別將改善至8.7%和11.5%,預計2023年維達可產生10.08億元的自由現金流,其淨資產負債率可降至20%,而2021年為31%。麥格理預計維達2021-2023年的盈利複合年增長率將達11.5%。
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