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大和:上調藍月亮(6993.HK)目標價至6.3港元 上調去年收入預測
格隆匯 01-20 17:28

大和發研報稱,上調藍月亮(6993.HK)去年收入和每股盈利分別上調2%和21%,受惠於其批發折扣收窄及傳統渠道的產品滲透率提高,但預期持續的品牌投資和高昂的原材料成本可能會在今年持續存在,織物護理方面的價格競爭似乎將會加劇,料去年下半年傳統渠道強勁增長,線上面臨挑戰,上調目標價3.3%,由6.1港元升至6.3港元,維持“持有”評級。

該行表示,隨着高利潤新產品的貢獻增加,預期去年下半年的毛利率上升至59%,預計去年下半年的收入按年增長加速至15%,認為原材料成本壓力將是今年公司所面臨的主要挑戰,預計今年公司的收入將按年增長12.3%,而由於個人衞生產品銷售額下降,下調2022至2023年的收入預測3%,但由於銷售、一般和管理費用成本降低,上調每股收益預測2%。

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