《大行報告》匯豐研究上調JS環球生活(01691.HK)目標價至14.3元 評級「買入」
匯豐研究研究報告指,JS環球生活(01691.HK)去年純利按年增長22%,符合該行預期及公司增長指引,但下半年收入及毛利率均遜於公司指引,其中SharkNinja品牌收入增幅由上半年的79%減慢至15%。
報告指出,美國貿易代表辦公室日前宣佈SharkNinja部分產品將在2021年10月至2022年底期間獲得關稅豁免,管理層估計豁免將對公司利潤率產生約2至3個百分點的積極影響。匯豐研究料將有助消除部分不確定性,但指出需求及競爭的依然存在,預計2022年的淨利潤率將按年基本持平,達約8%,將收入預測下調4.3%,但現有淨利潤預測仍較之前高11.3%。
該行認爲,管理層應對下行週期的能力將是錨定股票估值的關鍵,自公司上市以來便受惠於海外家電需求的上升週期,現時核心市場需求面臨通脹加劇及增長放緩的挑戰,今年將顯示出公司管理能力的影響,將目標價由13.9元上調至14.3元,維持「買入」評級。
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