《大行報告》麥格理下調維達(03331.HK)目標價至25.3元 毛利率因投入成本下降而回升
麥格理髮表報告指,維達國際(03331.HK)第三季總收入按年自然增長11.6%,大致符合該行預期,在匯兌損失減少下,經營溢利按年升71.6%,差過該行預期。期內毛利率按年改善0.1個百分點、按季改善2.3個百分點,至27.2%,主要因爲產品組合提升及木漿價格下跌。平均售價輕微下跌至持平,公司在年中因應市場競爭而減價,估計在雙11銷售節會致力保持價格穩定。
該行將維達目標價由28.3元下調至25.3元,維持「跑贏大市」評級,因爲看好業務由谷底回升,並預期毛利率及營運利潤率改善。
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