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《大行報告》高盛升普拉達(01913.HK)目標價至67元 評級「中性」
阿思達克 03-11 12:31
高盛發表報告,基於普拉達(01913.HK)去年末季業績勝預期,以及看好其2024年的前景,上調目標價5%,由63.8元上調至67元。 高盛指以固定匯率(下同)計,普拉達2023財年銷售增長達到17%,高於該行預期。單計去年末季,集團銷售增長達到18%,零售和批發分別增長17%和32%。品牌方面,普拉達的零售銷售在第四季度增長了10%,而Miu Miu更大幅增長82%。 高盛認為普拉達在毛利率和營運槓桿上有顯著改善,毛利率擴大了160個基點至80.4%(高於2019年71.9%水平),EBIT利潤率按年擴張240個基點至22.5%,公司管理層對2024年及未來EBIT利潤率的進一步擴大持積極態度。 在電話會議中,管理層確認由年初至今的業務表現正面,與去年末季情況一致,並預期普拉達將在2024年可搶佔更多市場份額。又提到中國消費者在歐洲的消費,已恢復到疫情前70至80%的水平,展現出強勁的增長動力。美國市場在2023年整體呈平穩,並預計將成為未來增長的主要引擎。 高盛因而將普拉達2024財年的基本銷售增長預測從8%上調至10%,並相應提高了EBIT預測,今明兩年EBIT利潤率預測上調至各22.8%及23.6%,因此調高其目標價。不過,考慮到其股價已有一定程度的上漲,是以維持其「中性」評級。
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