《大行報告》大摩:JS環球生活(01691.HK)具三大增長支柱 上調盈測予「增持」評級
摩根士丹利發表研究報告,指JS環球生活(01691.HK)具備三大增長支柱,即其海外副線SharkNinja(SN),並上調後者2021至2025年間收入年均複合增長預測,由原先8%升至9%;該行料市場擴張將驅動80%至85%銷售增長,另產品定位及供應鏈管理優異將支持具韌性自然銷售增長。該行相應上調公司2021至2025年收入及純利年均複合增長預測,由原先8%及11%,升至分別9%及14%。予「增持」評級,目標價13元。
大摩預期,SN收入在2029年將較2021年水平倍升,參考強勁往績,其清潔設備在2016年登陸英國以來,只用五年時間便成爲當地市佔「一哥」。
此外,報告稱,JS環球生活產品定位「性價比高」,在宏觀放緩下擴大市佔。公司另計劃至2023年有30%產品在中國境外生產。美國今年放寬進口關稅,將爲公司帶來調整供應鏈的機會。該行認爲,其中國代工生產敞口約83%,容許其在調整供應鏈上具彈性。此外,美國潛在放寬對華產品關稅及人民幣貶值亦是重大利好因素。
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