《大行》花旗削鉅子生物(02367.HK)目標價至60.7元兼降盈測 料第三季爲業務復甦關鍵期
花旗發表研究報告,結束對鉅子生物(02367.HK)的負面催化劑觀察期,指出管理層近日舉行電話會議,透露維持今年營收增長25%至28%及淨利潤增長21%至24%的目標不變,相信下半年業績可復甦。
花旗表示,將關注該公司業務復甦跡象,認爲KOL恢復合作及618大促結束後產品退貨情況恢復正常等,均是初步正面信號,管理層有信心旗下「可復美」品牌第三季起將恢復增長,因此該行預期第三季將會是判斷公司經營狀況有否復甦節奏的關鍵期,維持「買入」評級。
基於銷售預測下調,花旗將鉅子生物2025至2027年淨利潤預測分別下調14%、19%及24%,現時各年盈利增長預測分別爲13%、21%及20%,各年收入預測增長21%、26%及24%;由於股本擴大,料2025至27年各年每股盈利分別增5%、20%及20%。由於增長展望放緩,下調對其估值基礎,以預測今年市盈率25倍計,目標價從原先93.7元下調至60.7元。
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