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富瑞:歐舒丹(0973.HK)銷售表現令人滿意,續予“買入”評級
格隆匯 04-27 13:27

富瑞發研報指,歐舒丹(0973.HK)在按年高基數及疫情反彈的情況下,2022財年第四季度(今年一至三月)銷售增長16%,是令人滿意的表現。而2022財年全年銷售增長14.6%,正處於其15至16%的銷售指引低端。儘管中國和俄羅斯存在不確定性,惟集團提出2023財年銷售在可比的基礎上增長中雙位數的指引。該行維持“買入”評級,予目標價36.54港元。

該行指,假設集團的營運利潤率為15.2%至2.67億歐元,在可比的基礎上,銷售額增長12.4%(固定利率增長14%)至175億歐元。報吿提到,面對成本上升及物流成本,從4月開始,集團在全球將核心'LOccitane品牌的價格上調約4至5%,高於其正常的年度價格上升幅度。由於產品毛利率高,管理層預計該價格上漲幅度已經足夠。

另外,歐舒丹並未就營運利潤率作出指引,是由於新冠疫情以致全球出現不確定性及俄烏戰爭。因應貨幣貶值,集團在俄羅斯增加產品價格,並關閉商店及電子商務;而中國在4月的疫情,亦令集團充滿挑戰,封城政策亦影響集團的線下銷售。

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