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《大行》匯豐研究降新秀麗(01910.HK)目標價至21元 宏觀環境存挑戰
阿思達克 07-09 10:17
匯豐研究發表研究報告指,新秀麗(1910.HK)年初至今銷售表現落後於旅遊需求,可能反映中國及美國等關鍵市場消費者趨向謹慎消費而縮減開支所致。 談及關稅政策的影響,該行指出,新秀麗2024年自有產能佔總產能約15%,其餘85%為外包,主要來自中國及東南亞,去年度對美供應中有約15%來自中國生產線,管理層預計至今年底佔比將降至低單位數。匯豐研究估算來自關稅政策的年度影響將介乎4,000萬至6,000萬美元,意味著為2024年經調整EBITDA帶來下跌6%至9%的影響。 基於宏觀環境挑戰持續存在、美國關稅影響及經營去槓桿,匯豐研究將新秀麗今明兩年經調整銷售及EBITDA預測平均下調6%及16%,預測次財季有機銷售將按年下跌4.5%,與首季跌幅一致,維持「買入」評級,目標價從30元下調至21元。
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