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《大行報告》富瑞升莎莎(00178.HK)評級至「買入」 目標價上調至2.6元
阿思達克 04-12 09:49
富瑞發表研究報告指,近期數據顯示香港及澳門整體化妝品市場銷售情況今年首季已有所恢復,預期莎莎(00178.HK)可能會受益,截至去年12月底止第三財季已實現盈虧平衡,估計2024財年淨利潤率將回升至約10%。 該行預期莎莎2026財年銷售額可恢復至2019財年約72%水平,並估計在澳門遊客量恢復及中港通關帶動下,今年3月底止第四財季將錄得按季增長30%至50%,認為來自遊客的銷售額約佔香港銷售額的30%左右,因此預測2023至2025財年莎莎的港澳銷售額將增長8%、45%及20%,而2023下半財年則增長25%。 富瑞認為,莎莎第三財季實現盈虧平衡主要受惠於嚴格的成本節約措施及獨家品牌銷售增加,將評級提升至「買入」,目標價亦由1.24元上調至2.6元,對港澳市況復甦以及莎莎管理層致力提升毛利率感到樂觀。
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