《大行報告》花旗下調維達(03331.HK)目標價至20.7元 毛利恢復比預期慢
花旗發表研究報告指,即使目前紙漿價格呈下降趨勢,但由於激烈的價格競爭導致銷售疲軟,令維達(03331.HK)缺乏規模經濟和高成本庫存消耗緩慢,拖累集團下半年的毛利率恢復可能較預期慢。該行料今年第三季其銷量將按年增長低單位數,但由於人民幣貶值和毛利率按季持平,整體收入將會下降。
該行相信,維達將在第四季開始降價,以保障旺季的市場份額。隨著集團逐步消化高成本庫存,預計毛利率將在今年第四季恢復至30%,明年則恢復至32%。該行將其2023至25年收入預測下調2%,並將毛利率預測由29%至33%降到26%至32%,維持「買入」評級,目標價由23.7元下調至20.7元。
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