You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》大摩首予百果園集團(02411.HK)「增持」評級 目標價7.3元
阿思達克 02-20 15:08
作為獨家保薦人的摩根士丹利發表報告,指百果園集團(02411.HK)成立於2001年,是中國銷售額最大的水果商戶之一,在供應鏈管理和渠道拓展方面具有明顯優勢。深耕供應鏈營運,對重點水果供應商進行多項戰略投資。該公司還為約60間主要供應商提供技術支持,這些供應商佔集團採購的約30%。集團上游參與程度及其完善的物流系統導致損失率低於同行。憑藉其標準化的質量分類系統和先進的IT能力,集團可以實現採購、定價和門店下單的自動化,有助提高其效率並使其業務具有可擴展性。 該行預計,集團於2022至2024年的銷售額和經調整淨利潤的複合年增長率分別為14%和23%;毛利率將達到12%;營運支出比率將從2021年的9%下降到2024年的8.4%,這是由於規模擴大帶來的有利採購成本、優質水果的更大貢獻以及有效的成本控制。該行首予集團目標價7.3元及「增持」評級,認為更好的宏觀情緒導致更快的開店速度,可能會推動集團盈利上行。
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.
uSMART
Wealth Growth Made Easy
Open Account