《大行報告》大和:東方甄選(01797.HK)中期盈利遜預期13% 因行銷費用及新渠道補貼較高
東方甄選(01797.HK)公布截至去年11月底止中期業績後股價捱沽,半日股價下挫11.9%收23.25元。大和發表報告表示,東方甄選中期直播商品交易總額(GMV)按年升18.8%至57億人民幣、收入按年升34.4%至28億人民幣,符合該行預期;經調整盈利錄5.09億人民幣,低於該行原預期13%,主要是銷售和行銷費用較高、對新銷售渠道作出補貼等。
雖然公司利潤率將隨著自有品牌產品與佣金服務組合的不斷增加而被稀釋,但該行注意到一些變化因素,第一是自有品牌毛利率確實從2023財年的18%,提高到2024財年上半年的20%以上;第二是由於品類擴展到化妝品和電子產品,第三方產品銷售的混合佣金率下降;第三是淘寶上給予的返利(「紅包」)。
該行繼續認為市場同業對東方甄選2024財年盈利預測存在下調趨勢,予東方甄選「持有」評級。(wl/u)
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