《大行報告》美銀證券下調頤海國際(01579.HK)目標價至26元 評級「跑輸大市」
美銀證券發表研究報告指,頤海國際(01579.HK)去年銷售額按年升11%,大致符合預期,年內稅後淨利跌13%,低於該行預期,主要由於原材料成本上升、產品組合變化及部分產品降價,令毛利率表現受壓。
美銀預計,頤海國際第三方業務復甦的能見度較低,管理層亦未提供任何指引,考慮到原材料成本持續上升,以及公司對新產品及新品牌的持續營銷支出,預期利潤率繼續受壓,將2022至2023年每股盈利預測下調12%及13%,並將目標價下調至26元,對應2022年預測市盈率從30倍下調至25倍,以反映增長速度下降及利潤率壓力所帶來的風險,重申「跑輸大市」評級。
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