《大行報告》麥格理上調歐舒丹(00973.HK)目標價至18元 評級「跑贏大市」
麥格理發表報告指,歐舒丹(00973.HK)2021財年第一財季度銷售額按年下降22.2%,同店銷售跌24.9%,惟期內電商銷售表現大放異彩,按年增長95.8%,相信有助減輕實體店目前困難情況。
該行指出,由於疫情仍持續影響歐舒丹的實體店舖網絡,公司管理層預計2021財年的經營利潤率將介乎中至高單位數範圍內;電商佔總銷售額比重由2020財年的21.7%大幅提升至首季的52.6%,當中不少地區銷售額增幅均達到兩位數至三位數,相信疫情將加快推動線上消費模式發展,相信歐舒丹可憑藉其靈活的營銷策略保持地位。
麥格理表示,期內亞洲復甦表現較好,中國、台灣及韓國地局銷售都錄得升幅,麥格理表示,Elemis品牌在中國推出的產品廣受歡迎,期望今後公司能有更多類似戰略性營銷投資,將2021及2022財年盈利預測分別下調18%及2.7%,但將目標價由15元上調至18元,維持「跑贏大市」評級。
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