《大行報告》高盛:敏華(01999.HK)收入增長遜預期惟毛利復甦優於預期 評級「沽售」
高盛發表研究報告指,敏華(01999.HK)2023財年上半年業績喜憂參半,收入按年下跌9.1%,遜預期,但成本壓力有所緩解,帶動利潤率復甦步伐好過預期。
該行認為,收入增長低於預期主要是由於中國市場銷售額有所下降,惟海外市場均實現正增長。管理層表明仍對短期增長前景持謹慎態度,不過近期防疫及房地產市場的政策變化對情緒有部分提振作用。由於運輸成本下降和渠道庫存減少,公司現時對海外需求復甦更加樂觀,有計劃在東南亞等地區進一步擴張,相比之下對國內前景則較謹慎。
高盛又指,計及宏觀及房地產市況疲軟,對海外需求採取保守看法,預料可能還需要幾個季度才會對海外需求復甦步伐有更深入了解,同時預計敏華的同店銷售下降將繼續拖累增長表現,維持目標價6.9元及「沽售」評級。(gc/s)
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