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《大行報告》瑞銀上調名創優品(MNSO.US)目標價至25美元 評級「買入」
瑞銀發表研究報告指,名創優品(09896.HK)(MNSO.US)截至今年3月底止第三財季經調整淨利潤達4.83億元人民幣,超出早前盈利預告的下限約21%。季度收入達29.5億元人民幣,較瑞銀預期高2%。期內毛利率更按年提升9.1個百分點,達到39.3%。 瑞銀將業績超出預期,歸因於中國品牌持續升級、海外銷售貢獻高於預期,以及TopToy的產品結構轉向更多獨家產品所推動。該行又指,季度內海外淨增16間分店,低於40間的目標,認為2023年海外擴張步伐可能面臨壓力。 瑞銀將2023至2025財年每股盈利預測提高7%至8%,美股目標價從23美元提升至25美元,對應今明兩年預測市盈率約28及24倍,評級「買入」。
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