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《大行報告》華興資本降東方甄選(01797.HK)目標價至23元 今年為過渡期或拖累盈利能力
阿思達克 01-30 09:40
華興資本發表報告指,東方甄選(01797.HK)去年11月底止2024財年上半年收入按年升34%至28億元人民幣,符合預期,調整後純利達5.09億元人民幣,遜市場預期13%,受累推廣費用較高。管理層指,即使受到負面新聞影響,但去年12月至今年1月期間,其商品交易總額(GMV)表現穩固。該行又指,今年是集團的過渡期或拖累其盈利能力。 該行料東方甄選截至今年5月底止下半財年收入按年升41%,受惠其新帳號「與輝同行」表現強勁,以及旗艦帳號穩定。同時,該行預料其下半財年經調整純利按年跌13%,因對自有品牌產品的投資、開發應用程式,以及員工費用較高。 華興資本將東方甄選今明兩財年收入預測分別上調15%及26%,受惠GMV表現強勁,惟調整後利潤率預測分別下調10個和8.5個百分點,基於收入組合改變和推廣費用較高。該行將其目標價由29元下調至23元,維持「持有」評級。
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