大行評級 | 摩通:維持對JS環球生活(1691.HK)的買入評級,目標價港幣13.50元
格隆匯8月1日丨摩通相信Shark Ninja(佔JS環球生活銷售額的70%)的足跡擴張,以及新產品的持續發佈將推動海外銷售未來三年以雙位數的複合年增長率強勁增長。摩通認為該公司的股價一直被多次往下重估所掩蓋,部分原因是該公司過往與市場溝通的問題 (摩通最近已經看到了一些改善),以及部分原因是H股市場情緒疲軟的影響。從根本上説,公司在我們看來,增長仍然完好無損。摩通相信JS 環球生活將回歸2022年的增長軌跡的正軌。摩通相信該公司估值是令人信服的,並保持買入評級。摩通預計JS環球生活2022年二季度的收入將同比下降,原因是增加的促銷、成本壓力和市場渠道的投入。話雖如此,與市場看跌觀點不同,我們認為該行業在過去兩季中估值下降過多,但它的基本面不太可能偏離了增長軌跡太多。摩通建議投資者在2022年上半年業績之後重新審視該行業,正如我們預期的那樣重新估值。摩通預計JS 環球生活2022年第二季度收入同比持平,盈利會有所下降,主要是由於供應鏈和物流在一季度的中斷,但已在二季度恢復正常。而利潤率的壓力主要歸因於成本上漲,以及對新產品的投入增加,儘管該公司獲得一些美國市場的進口退税所抵消。摩通預計2222年下半年會有一些被壓抑的需求以抵消部分2022年第二季度的下降。摩通維持對JS 環球生活(1691.HK)的買入評級,目標價為13.5港元,基於12倍的目標市盈率。
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