《大行報告》野村下調新秀麗(01910.HK)目標價至21.6元 評級「買入」
野村發表研究報告指,新秀麗(01910.HK)2021年淨銷售額按年增長31.5%,符合市場預期,並較該行預期高 2%。全球旅行需求回升,推動新秀麗各個市場的業務出現可持續復甦,特別是北美及拉丁美洲,去年第四季表現分別較2019年同期低21.3%及高7.7%。
野村指出,雖然期內來自原材料及運輸的成本壓力上升,但由於庫存準備、促銷活動減少及價格上調,新秀麗2021年經調整毛利率按年增長8.5個百分點至54.5%。
該行表示,儘管近期地緣政治緊張局勢及疫情影響存在不確定性,但管理層預期今年首季銷售較2019年同期進一步改善至下跌25%至26%,目標將毛利率維持在55%至56%。
野村預計,由於投入成本上升,產品平均價格可能會再上漲,全年調整後EBITDA利潤率料可達15%。在宏觀挑戰下,下調今年全年銷售額預測,預期跌幅較2019年同期收窄至15%,並估計至2023年銷售額將恢復到疫情前水平,相應將目標價降至21.6元(原本23.4元),維持「買入」評級。
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