美股異動丨名創優品盤前續跌逾2% 績後遭多家大行下調盈測
上週五(5月23日)大幅收跌17.58%的名創優品(MNSO.US)今日美股盤前續跌2.68%,報17.8美元。名創優品上週五晚公佈業績顯示,第一季度營收44.3億元(人民幣,下同),同比增長18.9%,預估44.1億元;調整後淨利潤5.872億元,同比-5%,低於預估的6.613億元;經調整EBITDA利潤率23.4%,2024年同期則爲25.9%。高盛發報告指,經調整營業利潤按年下滑5%,較高盛低9%,意味由於直銷業務敞口擴大,經調整營業利潤率收窄4.2個百分點。該行降2025至2027年經調整純利預測平均約10%,以反映經營開支預測被上調,美股目標價由25.7美元下調至23.4美元,維持“買入”評級。中金指出,名創優品第一季業績低於該行預期,主要因直營門店投入前置帶來的銷售費用率提升及財務費用增加。考慮公司仍有較多費用支出,該行下調2025和2026年non-IFRS經調整淨利潤預測14%及8%,各至27億及35億元。摩根大通亦下調集團2025至2027年的盈測3至5%,維持集團“增持”評級,美股目標價則由22美元降至21美元。該行認爲,一旦海外於第四季踏入旺季,DTC銷售額的增長可能會隨着利潤率的改善而加快。(格隆匯)

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