《大行報告》大摩下調頤海國際(01579.HK)目標價至27元 評級「增持」
摩根士丹利發表研究報告指,頤海國際(01579.HK)去年第三方銷售表現疲軟,預期由於市場消費情緒持續較弱,加上競爭加劇及公司調整經營策略,相信今年收入及利潤率將繼續受壓。
該行預期今年收入增長將放慢至7.6%,貢獻收入31%的關連方銷售料僅增長3%,第三方銷售則預期增長10%。由於原材料成本上升,以及公司下調部分產品售價,該行預期今年經常性淨利潤率將按年下跌1.9個百分點至11%,料淨利潤達7億元人民幣,並預計上半年淨利率將降至10%以下,淨利潤按年跌19%。
但大摩表示長遠看好頤海國際發展,維持「增持」評級,預期2023年收入增長將恢復至16%,利潤料增長25%,目標價由57元則下調至27元。
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