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《大行報告》富瑞上調頤海國際(01579.HK)目標價至21元 評級「跑輸大市」
阿思達克 07-07 10:26
富瑞發表研究報告指出,預測頤海國際(01579.HK)上半年銷售增長3.4%,料主要受到第三方渠道增長16%所推動,但受關聯渠道下跌22%所拖累;純利預測跌13.5%,主要由於削減出廠價格令毛利惡化,以及原材料成本上升。 該行考慮到頤海國際第三方渠道銷售增長好過預期,將其2022至2024財年的盈利預測上調1%至2%。另預期公司下半年透過增加自有工廠產能以改善生產效率及毛利率,應可收窄毛利跌幅。不過,疫情令銷售下滑,使該行對公司中長期銷售增長感到憂慮。該股目前估值相當於預測2022及2023財年市盈率分別30倍及27倍,仍較內地必需消費品同業為高,維持對其「跑輸大市」評級,目標價由19元上調至21元。
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