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《大行報告》花旗:莎莎(00178.HK)半年度業績符預期 目標價輕微上調至1.74元
花旗發表報告指出,莎莎(00178.HK)截至今年9月底止中期純利1.02億元,符合該行預期,且處於盈喜預測範圍下限。公司扭虧為盈主要由於銷售增長顯著改善,按年升38%,以及毛利率改善,升4.1個百分點至41.1%。 該行引述莎莎管理層預期,香港和澳門業務於2024財年下半年銷售將逐步復甦,第四財季銷售趨勢將在高基數上走弱。儘管如此,在傳統的淡季黃金周假期後,管理層看到良好的銷售勢頭,並且香港和澳門的演出節目和展覽陣容不斷增加,預計旅客量將有所增長,因此管理層仍然充滿信心。內地業務方面,公司透過投資抖音、快手及淘寶,專注於發展自有品牌和線上業務,預期線上銷售增長將加速。 此外,中長期而言,莎莎管理層預料隨著獨家品牌銷售組合逐漸由目前的34%提高至50%,目標公司3至5年內毛利率可達50%。 該行對莎莎銷售復甦和毛利改善的前景維持不變,對其2024至2026財年盈利預測微調1%,目標價由1.73元輕微上調至1.74元,認為公司估值不高,維持「買入」評級。
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