《大行報告》大和下調敏華控股(01999.HK)目標價至7.7元 評級「買入」
大和發表研究報告指,敏華控股(01999.HK)於2023財年上半年的收入或錄得單位數下跌,惟隨着原材料成本趨穩,淨利潤率可能將會反彈。該行重申集團「買入」評級,不過,將目標價由9.3元下調至7.7元。
該行表示,基於內地持續嚴謹的疫情防控措施和美國需求疲弱的雙重影響,預計集團收入按年將下跌高單位數。然而,由於原材料價格和運費成本壓力得到紓緩,預計營業利潤率將保持韌性。儘管短期內情況將仍然困難,但相信大部分負面因素已被消化。
該行指出,集團的渠道庫存增加,下半財年仍將充滿挑戰,但認爲集團仍然具有競爭力,因爲在困難時期規模變得更加重要,故集團或已擴大市場份額。另外,集團在墨西哥的新工廠仍有望於2023年開始營運,這將進一步提高其對美國零售商的價值。
至於內地業務,該行認爲,值得關注10月中旬「二十大」會議後的政策方向,料政府或會提供消費刺激措施。儘管收入增長疲弱,但預計集團的淨利潤率將從上半財年的十年低位反彈,因爲原材料和貨運成本均已從2021年第三季高峯下降。由於該行對集團於內地和美國的收入增長預測更爲保守,將2023至2025財年的每股盈測下調介乎7%至9%。
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