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《大行報告》高盛下調藍月亮(06993.HK)目標價至5.04元 評級「中性」
高盛發表報告指出,基於其在上海的渠道調查,發現由於消費力疲軟,端午節前需求普遍呈弱。因此,消費升級產品如洗衣粉將面臨短期壓力,該行料藍月亮(06993.HK)今年衣物護理、個人衛生及家庭護理產品的收入分別增長10%、10%及7%。 該行引述藍月亮管理層指出,公司將繼續投資擴大銷售團隊,以滲透到低線城市,並贊助全國性體育賽事來推廣產品。該行預期公司今年全年收入按年增長10%,毛利率及淨利潤率料各61%及11%。 此外,該行將藍月亮2023至2026年盈利預測下調12%至15%,以反映消費能力疲弱和銷售費用佔比擴大導致收入預測下調,以及更新匯兌預測(人民幣兌港元目前為1.11,相對於早前為1.15)。對公司目標價由5.74元下調至5.04元,維持「中性」評級。
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