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《大行報告》里昂引述維達(03331.HK)重申今年內地銷售雙位數增長指引 評級「買入」
阿思達克 07-22 14:22
里昂發表研究報告指,維達國際(03331.HK)第二季收入按年增長10.8%,按固定匯率計則增長13.5%。第二季毛利率進一步下跌至31.1%,但按年跌幅較首季收窄。里昂預期,毛利率下跌是由於紙漿價格高企及促銷壓力所致,惟被產品組合高端化所部分抵銷。 里昂指出,管理層在業績電話會議中層重申今年內地業務將實現雙位數增長,並預期海外業務增長將達到中單位數。進入下半年,該行預期短期內紙漿價格及通脹壓力持續,維達料通過提價、優化產品組合及提升效率來緩解成本壓力。 該行維持2022至2024年收入預測,將今年純利預測下調12%,維持「買入」評級及目標價25元,對中期前景預期維持正面,看好公司市場份額增加、高端化發展,以及估值不高。
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