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大行評級 | 星展:JS環球生活(1691.HK)市場份額持續擴大 維持“買入”評級
格隆匯 08-31 11:47
格隆匯8月31日丨星展發研報指,JS環球生活(1691.HK)依靠實施積極的擴張戰略,公司於2017年成功收購了SharkNinja,並於2019年在香港股市上市,多年來在收入和盈利能力方面都取得良好的增長。該行稱,從長遠來看,SharkNinja作為在美國和英國的頂級品牌知名度以及良好的產品研發能力會帶來持續的市場份額增長。此外,子公司九陽集團在中國市場處於領先地位,公司通過充分利用九陽集團深厚的本土專業知識、完善的供應鏈和渠道分佈,SharkNinja產品在中國市場進行更具戰略性的本地化。星展表示,儘管原材料成本和運費費用較高,JS環球生活仍能在22年上半年獲得38.6%的合理毛利率。近期原材料價格下跌、產能擴張以及產品結構的持續優化,都將有助於在中期增強盈利能力。該行維持“買入”評級,予目標價11.06港元(有25%的潛在增幅)。
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