《大行》里昂料普拉達(01913.HK)需求承壓 削目標價至50元重申「跑贏大市」
里昂研究報告指,普拉達(01913.HK)上半年業績表現略遜預期,收入錄27.4億歐元,較該行及市場預期低2%,主要因Prada與Miu Miu品牌零售淨銷售均稍遜預期,分別跌3.6%及升40%。渠道結構優化帶動毛利率超預期,但收購Versace相關成本及銷售疲軟,令淨利潤低於預期。第三季至今旅遊消費需求持續承壓,料Miu Miu品牌面對最大的按年比較基數壓力。
該行將2025至27年淨利潤預測下調5%至6%,基於Prada與Miu Miu銷售額預測下調、廣告及促銷開支和銷售成本預測獲上調;降估值基礎,以預測未來一年企業價值對Ebit約9倍計(原先爲13倍),目標價由72元調降至50元,但維持「跑贏大市」評級,因Miu Miu市場份額仍在增長,且風險回報比具吸引力。
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