《大行報告》匯豐研究下調維達(03331.HK)目標價至21.5元 評級「持有」
匯豐研究發表研究報告指出,維達(03331.HK)今年首季自然收入增長持平,中國業務則跌1.9%,較全年目標於中國實現雙位數的收入增長為低,公司增長遜預期主要受疫情影響,以及在去年12月提高紙巾價格後,為今年1至2月的銷量帶來負面影響;首季毛利表現則高過預期,毛利率及經營利潤率按季有所改善,錄得純利按年降38%,收入增長2%。
該行將維達今年收入預測略為下調2.1%,純利預測則上調0.9%,仍然預期公司在今年第二季至第四季的中國業務收入自然增長率按年可達10%,或全年增長高至7%,估計在紙漿成本壓力減輕及進一步加價的情況下,第二季至第四季的經營利潤率將由第一季的9.8%,改善至10.4%。
同時,匯豐研究將維達的2023至2024財年純利預測分別下調0.6%及2.3%,維持對其「持有」評級,以反映需求可預見度低,目標價由22元降至21.5元。
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