《大行報告》瑞信下調JS環球生活(01691.HK)目標價至8.1元 評級「中性」
瑞信發表報告指,JS環球生活(01691.HK)目標價由10.9元下調至8.1元,維持「中性」評級。該行表示,雖然看好集團具有地域多元化和跨品牌的協同效應,但內地和西方市場對小家電類別的潛在需求放緩,可能會為公司將來的收入增長帶來壓力。集團旗下品牌SharkNinja的總收入按年增長12%,九陽的銷售額以人民幣計算,按年負增長3%。管理層預計,2022年收入和毛利率將會持平,但料經調整純利按年下降15%,部分是受到一次性費用所拖累。
該行預期,需求將錄得溫和復甦,料2023年收入按年增速放緩9%;毛利率按年增長0.9個百分點,銷售及行政開支費用率將保持在27%,導致經調整純利率擴張至8.7%。該行降集團2022至24年的收入及純利預測,分別下調6至9%及12至14%。該行估計,2021至24年的收入及經調整後純利的複合年增長率各自為7%。該行認為,在需求前景低迷的情況下,集團的渠道擴張和新產品推廣仍需要時間見效。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.