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《大行報告》里昂降歐舒丹(00973.HK)評級至「跑贏大市」 目標價下調至26.1元
阿思達克 06-27 10:49
里昂發表報告指,歐舒丹(00973.HK)全年核心營運利潤率勝於預期,但由於非經常性項目導致淨利潤未達預期。2024財年首財季至今的增長強勁,按年增長30%,618期間的銷售表現亦優於同業。該行提到,市場對集團預計2024財年營運利潤率下降至逾12%感到意外。 該行表示,集團相信持續提高品牌知名度及商店銷量可轉化為營運槓桿,並支持其中期發展目標。不過,該行認為,集團的2024財年指引或引發市場削減其每股盈測和導致短期情緒波動。該行將2024及25財年的銷售預測分別上調4%和3%,但由於預期營運成本上升,將淨利潤預測下調15%及8%,目標價小幅下調3%,由26.8元下調至26.1元,由於上行空間有限,評級由「買入」降至「跑贏大市」。
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