大行評級 | 開源證券:JS環球生活(1691.HK)SharkNinja新老品類市佔率穩步提升 維持“買入”評級
格隆匯9月1日丨開源證券發研報指,2022上半年公司實現收入22.32億美元,歸母淨利潤達1.64億美元。該行稱,短期新品拉動疊加低基數增長壓力有望緩解,SharkNinja份額穩步提升,長期市場競爭力穩固,維持“買入”評級。該行表示,海外需求承壓不改SharkNinja分部競爭力,新老品類份額提升,2022年上半年公司食物/烹飪/清潔電器北美市場份額同比分別+2.7pct/+3.6pct/+0.2pct。新品方面廚具/空氣淨化器/吹風機美國市場份額同比分別+1.8pct/+5pct/+3.1pct。展望下半年,看好户外燒烤爐、洗地機、空氣淨化器、吹風機等新品貢獻收入增量。另外,該行稱,公司費用整體管控效果良好。綜合影響下2022年上半年淨利率達 7.34%(-1.29pct),經調整淨利率 9.27%(-1.53pct),降幅環比收窄,看好後續成本端壓力緩解帶動盈利修復。
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