You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
研報掘金丨中金:新秀麗Q1銷售額和利潤率均低於預期,降目標價20%至20港元

新秀麗(1910.HK)日前公佈首季業績,中金髮表報告指,其銷售額和利潤率均低於預期,主要由於亞洲地區表現遜預期及北美批發訂單節奏錯位。面對宏觀不利因素、外部競爭加劇、外匯匯率風險、二次上市時間不確定性,以及關稅不確定性等,下調今明兩年盈利預測,將目標價調低20%,至20港元,維持“跑贏行業”評級。中金指,在業績電話會議管理層稱,Tumi品牌在內地表現強勁;第二季至今銷售增速與首季相似;管理層預計次季毛利率保持穩定,經調整EBITDA利潤率略有改善;與其他消費品相比,行李箱行業未見明顯提前備貨行爲;首季在美國銷售產品中有14%來自中國,料今年底比例將降至1%至5%。爲應對潛在關稅上調,該集團擬採取多項舉措。此外,管理層認爲今年全球旅客料增5%,可能意味行李箱需求有增長潛力;又表示正持續推進美國雙重上市計劃,但密切關注市場環境。監於在美國關稅不確定性背景下消費情緒疲軟,中金將該集團今年收入和淨利潤預測分別下調3%和12%,至35.4億美元和3.27億美元;明年收入和淨利潤預測分別下調4%和18%,至37.5億美元和3.48億美元。下調目標價至20元,對應11.5倍2025年市盈率,較當前股價具30%上升空間。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account