《大行報告》匯豐研究下調滔搏(06110.HK)目標價至6.78元 評級「持有」
匯豐研究發表研究報告指,滔搏(06110.HK)預期將於5月底公佈今年2月底止年度業績,預期由於第四財季經營受疫情影響,下半財年收入跌幅將達到14.8%,高於早前預測跌6.9%。
該行早前預期第三財季收入下降22%後將保持平穩,現時則預期第四財季收入按年跌幅仍達到高單位數。但匯豐研究估計,滔搏會從主要品牌客戶手上取得更多回扣,以彌補下半財年遜於預期的銷售表現,因此對全年度預測基本保持不變,料盈利達到27.88億元人民幣,意味下半財年純利按年跌7.1%。
匯豐研究預期,隨着市場份額繼續向國內品牌轉移,國際品牌在中國的增長前景將放緩,同時一旦增長恢復正常,大品牌的回扣料將恢復正常,因此預期滔搏的利潤增長將更趨溫和,將2022至2024財年淨利潤年均複合增長預測由原先5.7%降至1.8%,收入複合增長6.6%。
該行維持對滔搏的「持有」評級,基於盈利增長放緩預測,將目標價由7.4元下調至6.78元。
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