《大行報告》富瑞下調歐舒丹(00973.HK)目標價至34.7元 上季銷售勢頭遜預期
富瑞發表研究報告指,歐舒丹(00973.HK)2023財年第三季度的銷售額(FXn)趨勢為4.5%,低於預期,而2023財年第一季和第二季的增長率均為16%。這是由於中國的銷售趨勢弱於預期以及其減少Elemis部分線上銷售的戰略舉措。
該行預計,歐舒丹管理層對2023財年作出指引修訂後,股價會有負面反應。鑑於目前估值便宜且預期2024財年增長將會復甦,維持「買入」評級。該行將其2023至25年的淨利潤預測分別下調17%、14%及12%,以反映較低的利潤率假設以及較低的銷售增長導致的營運去槓桿化,目標價相應由40.3元下調至34.7元。對於2023下半財年,該行預計淨利潤將下降18%,銷售額跌4%至10億元。
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