《大行》野村升名創優品(MNSO.US)目標價至24.2美元 料次季業績符預期
野村發表研究報告指,預計名創優品(MNSO.US)(09896.HK)的次季業績將符合預期,當中,收入預計按年升19%至48億元人民幣;經營溢利料跌1%至7.44億元人民幣。就公司本地業務,野村料名創優品次季銷售增長13%,並錄得正向的同店銷售增長,而海外業務則料銷售增長29%。不過,由於公司直營店的營運未達理想狀態,預計其經營利潤率或繼續受壓,料按年降3.1個百分點至15.5%。
該行下調名創優品2025至27財年正常化盈利預測1%至7%,但將美股目標價由22.5美元上調至24.2美元。由於市場預期偏低,因此估值不高,故維持「買入」評級。
該行相信,公司下半年的經營利潤率下降趨勢將有所緩和,估計在公司穩步推出高利潤率的IP產品及新店營運改善的支持下,其經營利潤率將在第三季及第四季按年下降1個及0.2個百分點。不過,該行估計公司今年的經營利潤率將維持在17.6%,而在2026至27財年將逐步回升至18%至18.6%,顯著低於2023至24財年的19.5%至20.4%水平。另外,該行相信市場將繼續重點關注公司的盈利能力。
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