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《大行報告》麥格理下調九興(01836.HK)目標價至13元 評級「跑贏大市」
阿思達克 04-20 10:00
麥格理發表的研究報告指,九興控股(01836.HK)首季收入按年跌16%,整體出貨量跌13.4%至1,100萬對,而平均銷售單價則跌3.7%至每對23.3美元,跌幅差過該行預期,該行將公司2020及21年經調整溢利預測降30%及8.6%,目標價由14.4元降至13元,維持「跑贏大市」評級。

該行相信公司首季出貨量受內地農曆年後延遲復工所影響,而來自客戶的訂單亦有所延遲,管理層對訂單展望看法審慎,主要因為歐美店舖重開的可見性仍較低,故該行將2020年出貨量預測降至4,300萬對,意味將按年跌27.6%,而平均銷售單價方面,管理層指首季三個品類的跌幅類似,主要是受產品組合及客戶組合的影響,該行將2020年平均銷售單價的預測降至每對25.1元,意味按年跌2.8%。

公司正採取成本管控措施,例如是減少工作時數及裁減工人,該行相信今年收入較低,故公司利潤亦將受壓,因此將今年EBIT利潤率預測降至4.8%,並料明年將復甦至8.2%。公司正考慮更快地將更多產能由中國轉移至東南亞,並估計第二、三季內地廠房會結業。該行估算今年將有較高的一次性開支,料約為5,000萬美元,而經過今輪關廠後,內地將有三間廠房留下,以應付體育用品及高端客戶。此外,整合手袋業務的工作料將延至今年下半年。(el/k) ~

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