《大行報告》富瑞上調新秀麗(01910.HK)目標價至25.41元 評級「買入」
富瑞發表報告指,新秀麗(01910.HK)次季銷售下跌24.6%,較該行預測高出7個百分點,經調整後EBITDA利潤率錄得17.6%,優於該行預測的14.6%,不論銷售及盈利能力均優於預期,受惠於歐洲、拉美及美國等地的強勁銷售復甦,以及經營槓桿。
該行指,基於7月銷量趨勢令人鼓舞、8月至初銷售表現勝於7月,管理層將全年銷售指引由低於2019年疫前水平的15%至20%,收窄低於當時10%至15%,毛利率料維持53%至57%左右水平,有潛在的上行空間。另外,管理層將其經調整後EBITDA利潤率指引由中雙位數,上調至15%至16%,並有較高可能性達致此範圍的高點。
該行指,將公司今年至2024年各年銷售預測上調5.7%、5.9%及5.9%,並指出扣除俄羅斯及手機機殼供應商Speck等因素,料今年第三、四季銷售僅較2019年水平低出5.9%及2.9%;並上調今年至2024年各年息稅前盈利(EBIT)預測分別8.4%、4.8%及8.6%,以反映經營槓桿。該行料其今年至2024年各年錄純利1.75億、2.49億及2.94億美元。並將其目標價由23.91港元上調至25.41港元,維持「買入」評級。
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