《大行報告》花旗下調頤海國際(01579.HK)目標價至18.5元 評級「沽售」
花旗發表研究報告,將頤海國際(01579.HK)目標價下調至18.5元,指出集團去年淨利潤按年下降13%,核心淨利潤下降19%,分別較該行預期低5%及11%,主要由於第三方業務銷售及毛利率較預期弱,但有部分被關聯方銷售表現改善所抵銷。
該行指,去年下半年以來公司下調平均售價,加上成本上漲,預計今年利潤率將繼續受壓,考慮到渠道備貨可能導致毛利率進一步收縮,以及去年首季銷售基數較高,預計今年上半年表現未見好轉。
花旗認為,成本可能進一步上漲,同時頤海國際缺乏議價能力,因此對毛利率持謹慎態度,將2022至2023年淨利潤預估下調7%至9%,維持「沽售」評級,目標價從21.1元下調至18.5元。
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