《大行報告》中金下調都市麗人(02298.HK)目標價至0.59元 評級「中性」
中金髮表研究報告指出,都市麗人(02298.HK)發佈2021財年盈利警告,根據今年首十一個月的經營情況,預計全年虧損不少於4.5億元人民幣,虧損按年擴大3.3億元人民幣。業績低於該行預期,主要由於終端銷售疲軟,原材料漲價,費用持續支出所致。
該行指出,今年下半年內地部分地區疫情反覆,疊加多次洪澇、暴雨和缺電等情況,使消費者收入預期受到影響,消費意願下降。期內都市麗人退貨增加、零售收入低於預期。毛利率按年下跌主要因下半年原材料價格上漲所致。費用方面, 由於改進加盟商和員工的激勵計劃、啓動廣泛的推廣活動、增加多名高層和諮詢費用等,導致費用率所有增長。同時,下半年增加存貨撥備和使用權資產撥備整體使得業績淨虧損增加至超過4.5億元人民幣 。
此外,該行認爲都市麗人目前正處於戰略轉型期,長期而言該行預計公司產品、渠道、品牌及組織有望迎來積極變化。但短期而言,費用投入較大且改革成效顯現尚待時日。同時考慮到疫情的點狀爆發對線下人流仍有影響, 終端需求存在不確定性,因此下調公司今年淨虧損預測至4.6億元人民幣,2022年淨利潤預測下調18.7%至1.4億元人民幣。維持「中性」評級,目標價削27.1%至0.59元。
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