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《大行報告》匯豐研究下調江南布衣(03306.HK)目標價至12.5元 評級「買入」
阿思達克 06-27 11:43
匯豐研究發表研究報告指出,內地部分城市因疫情「封城」,令江南布衣(03306.HK)在上海等主要城市的門店關閉,可能會阻礙公司實現2024財年100億元人民幣的銷售目標,但相信對公司2022財年盈利造成的負面影響僅屬短期,因其股息率及結構性增長動力提供支持。 該行進一步削減對江南布衣下半年收入預測,由按年增長持平下調至跌17%,認為公司雖然透過專注於線上渠道及新渠道如「不止盒子」項目等嘗試維持銷售,但料短期內將損害毛利率。 此外,該行將公司2022財年下半年毛利率預測,由64%下調至61%,對其全年收入及純利預測分別按年跌3%及19%。目標價由14.5元降至12.5元,維持「買入」評級,意味著2023財年股息率為8.7%。
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