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《大行報告》富瑞上調名創優品(09896.HK)目標價至61.9元 評級「買入」
富瑞發表研究報告,預計名創優品(09896.HK)截至12月底止第二財季經調整純利按年升66%至6.19億元人民幣,淨利潤率為17%,銷售額增46%至36.5億元人民幣。因應公司公布首財季業績,該行分別上調2024及25財年的純利預測4%,而2026財年的預測則升3%。該行將目標價由57.2元上調至61.9元,維持「買入」評級。 該行預期,第二財季國際市場的銷售額將增長38%,當中,直營市場增65%,批發市場升18%。銷售及分銷比率16.2%,與首財季相若,因為公司正在國際市場開設自營店,租金和員工開支較高,但將被較高的毛利率所抵銷。因此,該行預期集團整體營運利潤率為20.9%,毛利率為41%。
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