《大行報告》瑞信下調思摩爾國際(06969.HK)目標價至30.2元 評級「跑贏大市」
瑞信發表研究報告指出,思摩爾國際(06969.HK)去年收入按年升37%,低過該行預期5%,毛利率按年增長1個百分點至54%,較該行預期高出3個百分點。
對於國家菸草專賣局發佈的「電子煙管理辦法」將於今年5月1日起實施,該行認爲電子煙在中國的普及率可能放縵,因此將思摩爾國際2022至2024財年收入預測下調31%至46%。
此外,瑞信提及思摩爾國際目標於今年投入16.8億元人民幣作研發支出,較2021年的6.71億元人民幣按年增長151%,加上經營去槓桿,該行預計公司今年的盈利能力將下降,但料其技術將保持領先地位,並將推出多元化的產品。該行將公司2022至2024財年每股盈利預測下調37%至45%,目標價由62.5元降至30.2元,雖然認爲近期結構性問題可能會繼續影響電子煙板塊,但思摩爾國際仍爲該行首選,因其市場份額具有明顯的優勢,維持「跑贏大市」評級。
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