《大行報告》瑞銀降名創優品(MNSO.US)目標價至27美元 料上季經調整淨利潤略高於預期
瑞銀發表研報,預測名創優品(09896.HK)(MNSO.US)去年第四季收入將按年增長52%,當中本地線下及海外市場收入分別按年增長63%及47%。
瑞銀又預測,名創優品海外直銷貢獻提高,將推動去年第四季毛利率按季微升0.2個百分點至42%,預測季度經調整淨利潤將達到6.32億元人民幣,略高於市場預期的6.07億元人民幣。
公司早前宣布將財年結算日由6月30日更改為12月31日,瑞銀估計名創優品將為此派發特別股息,料相當於2023下半年的淨利潤約50%。
瑞銀預測今年首季度名創優品線下GMV將錄得十數個百分點的按年升幅,今年目標新開的近1,000家門店預期有一半以上將位於海外市場,大致維持2023至2025年每股盈利預測不變,因應人民幣兌美元貶值,將美股目標價由28.5美元下調至27美元,評級「買入」。
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