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《大行報告》瑞銀下調頤海國際(01579.HK)目標價至15.31元 評級「沽售」
阿思達克 08-30 10:49
瑞銀發表研究報告指,頤海國際(01579.HK)上半年的銷售額及淨利潤分別為26億元人民幣及3.58億元人民幣。該行認為,公司的銷售額基本符合市場預期,淨利潤則略好於市場預期,這是受惠於原材料價格下降、較低的物流成本及廣告費用支出。 該行提到,集團管理層預計第三方銷售將在下半年復甦,這是受到新產品規模擴大和渠道滲透率提高所帶動。由於原材料價格下降,下半年毛利率將繼續按年擴大,而開支比率將保持穩定。 該行表示,由於集團的新產品需時達到規模化,而現有的存貨單位正處於產品下降週期,相信其第三方業務會於短期內持續受壓。該行下調公司2023至25年的淨利潤預測0.7至7%,料淨利潤將分別增長16.9%、3.4%及4.1%,目標價由17元下調至15.31元,維持「沽售」評級。
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