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《大行報告》花旗上調維達(03331.HK)目標價至21.9元 評級「買入」
花旗發表研究報告指,維達(03331.HK)第三季業績勝於預期,是由於收入及營運利潤較預期強。期內,由於衛生紙和個人護理業務有良好的銷售勢頭,以固定匯率計算,收入增長11.6%。毛利率和核心營運利潤率按年持平,按季錄得改善。核心淨利潤按季略有改善,但第三季仍較去年同期下降24%,反映出財務成本和所得稅上升。該行預計,由於利潤率持續改善,今年第四季盈利將出現更顯著反彈,上調2023年盈測,並因復甦前景維持「買入」評級,目標價由20.7元上調至21.9元。 該行表示,公司管理層有信心在即將開始的雙十一活動中保持領先地位,同時在銷售額最大化和投資回報率方面保持謹慎態度。管理層表示,以目前的銷售趨勢,相信集團將可達成全年目標。集團又預計,今年下半年的紙漿成本將按季改善。核心營運利潤保持穩定,但由次季的1.3%改善至第三季的3%,與毛利率趨勢一致。管理層指,如果市場佔有率繼續保持增長,或會提高定價以維護利潤和品牌資產。 該行上調集團2023年淨利潤預測13%,以反映較高的收入及利潤預測。
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