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《大行報告》美銀證券上調普拉達(01913.HK)目標價至68元 評級「買入」
阿思達克 03-13 10:00
美銀證券發表研究報告指,普拉達(01913.HK)去年下半年收入按年增長22%,高於市場預期7個百分點,而今年至今趨勢正在加速;期內錄得EBIT為5.15億歐元,比市場預期高28%,這意味著2022財年的利潤率超過20%。 該行認為,集團強勁勢頭將進一步提升銷售密度,而且由於毛利率接近80%,集團應可超過其過去的EBIT利潤率高峰的27%。 將其目標價由64元上調至68元,重申「買入」評級,認為集團在奢侈品品牌中最具吸引力,且行業的盈利持續上升。 該行補充,集團的業績仍有增長空間,因為其2022財年的收入比2013財年的高峰高出17%,但利潤仍低10%,認為中國消費者對奢侈品需求的反彈,首先是在國內,其後未來幾年則在歐洲,這將是實現銷售密度增加和利潤率提升的關鍵。
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