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《大行報告》大和輕微下調敏華控股(01999.HK)目標價至10.3元 評級「買入」
阿思達克 05-17 10:58
大和發表研究報告指,敏華控股(01999.HK)截至今年3月底止全年純利按年增長16.8%,大致符合市場預期;淨利率由上半財年的9.7%回升至下半財年的11.2%,反映利潤率趨穩。 該行指,雖然面對原材料及運費等成本壓力,但隨著敏華提價,其毛利率由上半財年的36.2%提高到下半財年的37.1%。受惠於產品組合改善,雖然梳化總銷量增長15%,但同期梳化收入增幅達25%。 全年度敏華於中國淨增1,800家新店,未來一年目標再開300至500家店。大和表示,經過兩年的積極擴張後,敏華將利用信息系統及授權分銷合作夥伴,以提高每家分店的平均銷售額,看好公司專注於提高內部效率的戰略,預料有助提高營業利潤率。 大和表示,由於開店速度放緩,將2023至2024財年每股盈利預測下調5%至13%,目標價由10.8元輕微下調至10.3元,對應預測市盈率16倍不變,重申「買入」評級。
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