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《大行》里昂降新秀麗(01910.HK)目標價至21元 維持「高度確信跑贏大市」評級
阿思達克 08-14 15:20
里昂發表研報指出,新秀麗(01910.HK)2025年第二季固定匯率銷售按年跌5.8%符該行預期,但列賬銷售額按年降4.8%,因外匯順風而優於該行預期。里昂預計,相較公司今年上半年銷售額下降6%,下半年銷售額按年料降4%,受外匯變動及價格上調支持。管理層可能保護下半年毛利率按半年穩定。 報告又預計,下半年新秀麗調整後EBITDA利潤率因成本節約,按半年上升20個基點至16.4%。該行對2025至2027年銷售額、毛利預測基本不變,但因股票支付影響導致稅率上升,2025至2027年淨利潤預測分別下調5%至7%。因此,該行將目標價從22元下調至21元,基於未來12個月市盈率13倍不變計,對應2025至2027年淨利潤年均複合增長率13.6%的預測。該行維持予其「高度確信跑贏大市」評級,因估值不高、連續改善潛力及雙重上市機會。 里昂表示,新秀麗管理層指引第三季及下半年淨銷售額將續改善,儘管第四季能見度低;里昂預計非美國地區、外匯及價格上調將支持列賬銷售額。
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