中金:上調維達(3331.HK)目標價至19.08港元 重申“跑贏行業”評級
中金髮布報告稱,維達國際(03331.HK)公佈3Q19經營數據,收入同比升12.5%,其中中國區紙巾收入維持強勁增長,同比增16.2%。受益漿價下行毛利率、經營利潤率分別同比提升4.2/5.9ppt,經營利潤大幅增長194.4%至 3.68億港元,超過該行預期。
3Q19維達中國區紙巾收入出現16.2%強勁增長,主要由電商渠道和超高端產品Tempo、 4D壓花系列帶動。目前公司中國區電商收入佔比達35%,超高端產品Tempo和壓花系列收入佔比達20%。管理層表示3Q19以來由於成本走低導致低端產品市場價格競爭加劇,公司已增加部分低端品類促銷力度,並將於4Q19視競爭情況進一步加大部分區域促銷力度。考慮公司收入增長主要驅動力為高端和超高端產品, 認為集中在低端產品的行業價格競爭對公司收入增長擾動有限,這可反映在公司仍然強勁的3Q19收入增長和可控的費用率水平上。預計4Q19收入仍有望維持穩健增長。
該行表示,上調目標價至19.08港元,重申“跑贏行業”評級。

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