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《大行》美銀證券降鉅子生物(02367.HK)目標價至79元 重申「買入」
美銀證券研究報告指,儘管鉅子生物(02367.HK)在618購物節前段有強勁表現,但後續表現受到旗下重組膠原蛋白產品的造假爭議所影響。旗下品牌可復美(Comfy)於天貓護膚品GMV的排名,由5月13日預售的首3位,跌至5月16至26日的12位。但據該行顧問的意見,有關影響是可控的,爭議對消費者情緒的影響有限,且截至5月31日,可復美的GMV增長約30至40%。 基於銷售增長放緩,該行將2025、26及27年的收入預測分別下調4%、3%及3%,淨利潤預測下調4%、4%及5%;並上調2025年的銷售開支佔比預測,因認爲集團在爭議過後將加強銷售活動。目標價由92.7元降至79元,但重申「買入」評級,因相信集團長遠可受惠於重組膠原蛋白行業的高增長;其注射醫學美容產品的潛在獲批將會是今年下半年的近期催化劑。
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