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野村:維達(3331.HK)第二季銷售迅速恢復 重申其買入評級
格隆匯 07-20 14:02

野村發表研究報告指,維達國際(3331.HK)首季由於中國市場的供應鏈中斷,銷售按年下降12.4%,而第二季度受衞生紙業務推動下,銷售迅速恢復至增長14.9%,當中國內市場的銷售按年增長20.1%。該行重申其買入評級,維持目標價39.1港元。

野村指,除了B2B渠道外,所有渠道均在第二季恢復正增長,特別是電子商務的銷售額在上半年按年增長30%,佔總銷售額的33%,對比去年同期為29%。

野村指,維達高端產品組合的不斷完善將使其能夠進一步擴大毛利率。另外,維達還有5個月紙漿庫存,正常水平為3-4個月,上半年對比2019財年,庫存增加了9%,假設紙漿價格僅逐步上漲,認為維達的廉價紙漿庫存應至少延續到2021年上半年。

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