《大行報告》美銀證券下調思摩爾(06969.HK)目標價至26.7元 評級「買入」
美銀證券發表報告,思摩爾國際(06969.HK)2022年上半年業績大致符合發盈警時的預測,中國業務收入下降、毛利率收窄、研發和系統投資額增加均是預期之內,不過美國業務較預期疲弱,相信下半年這些因素將會緩和,收入增長可能轉正。該行將思摩爾目標價由32.8元下調至26.7元,重申評級「買入」,相信大多數短期不確定性已被反映。
美銀證券相信,從長遠來看,監於市場更加受規範,而思摩爾致力於研發和整合,競爭優勢可以加強。
隨着一次性電子煙貢獻更大,歐洲業績可以繼續充當關鍵驅動力。美國業務基數低(2021年下半年收入跌4%),今年下半年有可能轉正增長。不過,內地即將實施調味電子菸禁令(10月1日起實施),影響收入。毛利率可能會繼續受壓。
美銀證券估計,思摩爾下半年稅後淨利潤跌幅將收窄,2022年全年稅後淨利潤30億元人民幣,2023年業務將會好轉。
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