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《大行》美銀證券降名創優品(09896.HK)目標價至32.2元 首季純利遜預期
美銀證券發表報告指,名創優品(09896.HK)首季純利遜預期,重申「跑輸大市」評級,原因是國內同店銷售面臨挑戰、直銷業務敞口上升損害利潤率、美國關稅影響的不確定性,以及永輝超市(601933.SH)虧損的短期拖累。報告指,公司第一季業績好壞參半,收入按年上升19%,略高於預期,因海外增長較快。但由於直銷相關開支上升,非國際財務報告準則(non-IFRS)稅後利潤按年下跌5%至5.87億元人民幣,較預期低11%。 該行下調其2025和2026年non-IFRS每股盈測各6%,以反映收入假設輕微上調但利潤率預測被下調,ADR和港股目標價各下調4%,ADR目標價由17.1美元降至16.5美元,H股目標價由33.5港元降至32.2港元。
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