《大行報告》招銀國際:普拉達(01913.HK)季績勝預期 目標價上調至65.2元
招銀國際發表報告,指普拉達(01913.HK)去年末季業績好過該行及市場預期,並上調目標價,由64.5元升至65.2元,維持「買入」評級。普拉達末季收入按固定匯率計升18.1%,其中Miu Miu品牌的增長率達到82%,遠勝招銀國際預期的50%。各地區均實現了強勁增長,日本和亞太地區按固定匯率計分別錄得38%和32%的增長,而美國市場也如預期般持續改善。
去年下半年公司的毛利率擴至80.5%,帶動了其EBIT利潤率的較上半年增長0.9個百分點。儘管在主要已發展地區市場的消費需求正常化及比較基數較高,管理層在分析師會議中確認,惟自去年末季以來,銷售勢頭保持強勁。報告預期普拉達將在2024年跑贏同業,並實現長期利潤率擴張。
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