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《大行》瑞銀降巨子生物(02367.HK)目標價至79.5元 維持「買入」評級
阿思達克 08-29 11:06
瑞銀發表報告指,與投資者的交流顯示,巨子生物(02367.HK)在6月18日購物節期間的聲譽事件,導致市場對其增長與盈利能力產生擔憂。但該行指上半年業績緩解部分憂慮,公司營收保持穩健增長,按年上升23%,主要驅動力來自線上銷售而非經銷商渠道;旗下品牌Comfy明星產品「膠原蛋白棒」儘管早前受涉嫌造假事件影響,仍維持近30%品牌銷售貢獻度;淨利潤率達38%,營銷費用率按年收縮1.1個百分點至34%。 另外,管理層重申正持續與頂尖網紅合作,積極推動消費者教育,雙11活動籌備按計劃推進,維持2025年銷售額25%至28%按年增長及利潤介乎25億至25.5億元人民幣的指引。該行將公司2025至27年淨利潤預測下調4-10%,主要基於Comfy業務營收增長預期下修,此影響被銷售費用率改善所抵銷。目標價由93.1元下調至79.5元。維持「買入」評級。
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