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《大行報告》中金:歐舒丹(00973.HK)上季收入超預期 受益於SDJ出色表現
阿思達克 05-05 10:41
中金發表報告指,歐舒丹(00973.HK)上季收入超預期,管理層表示4月總收入取得雙位數按年增長。核心品牌L'Occitane en Provence將在2024財年關閉歐洲表現不佳的門店。另外,管理層正加大品牌在內地市場的投資。公司亦已就ELEMIS加強價格管控與英國折扣零售商達成一致,並預計英國 增長將重回正軌。 報告指,歐舒丹管理層亦有意在2024財年為Sol de Janeiro品牌進一步推出身體護理和香水品類以外的新品,並進入新市場包括內地和東南亞,以及新渠道包括全球旅遊零售商如Dufry。考慮到Sol de Janeiro的出色表現,管理層將2023財年經營利潤率從14%上調至15%,但由於將對表現不佳的LimeLife和Melvita計提減值損失,最終報告經營利潤率可能在10至15%左右。 中金將2023財年收入上調3%至21.4億歐元,但將淨利潤下調3%至2.2億歐元,以反映管理層預計的一次性減值損失;將2024財年收入和淨利潤分別上調6%和13%至24.9億歐元和3.2億歐元,將2025財年收入和淨利潤分別上調9%和9%至29.1億歐元和3.9億歐元。維持「跑贏行業」評級和目標價26元。
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