《大行報告》匯豐研究升頤海國際(01579.HK)評級至「買入」 目標價下調至27元
匯豐研究在研報中指出,面對市場競爭加劇及渠道調整的影響,一如預期頤海國際(01579.HK)去年下半年利潤率未見改善,但相信利潤率已於去年下半年見底,預期雖然原材料價格上漲帶來成本壓力,但公司價格已調整至與同業看齊,加上渠道重組可提高效率,相信利用率及營銷效率提升,未來銷售額將有所增長。
該行預計今年毛利率將提升至33.3%,預測全年息稅前利潤率增長至17%,預期2022至2024年收入及淨利潤複合年增長率分別達13.2%爲12.7%。
匯豐研究指,頤海國際股價已從2021年2月高位回調85%,同期恆指下跌27%,現時估值合理,或迎來重新評級,預期若市場份額增長強於預期,認爲將有進一步的重估空間,將評級由「持有」升至「買入」,目標價下調至27元。
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