《大行報告》里昂降維達(03331.HK)評級至「跑輸大市」 目標價21元不變
里昂發表研究報告指,維達(03331.HK)第三季銷售勝於預期,惟淨利潤率遜於預期。雖然公司的需求於9月反彈,但高價木漿庫存消化慢於預期以及促銷壓力部分抵銷了毛利率的改善。
進入第四季,該行提到,維達管理層預計9月的銷售動能將會持續。該行認為折扣壓力或會繼續抵銷毛利率復甦,又相信紙漿價格下跌將繼續推動第四季及2024年的毛利率上行,但紙漿價格由7月到10月的按月反彈,增加了未來紙漿價格走勢的不確定性。
維達公布業績後,該行基本維持維達銷售預測,但將2023至2025年的淨利潤預測下調11至13%,以反映預期下降的毛利率,下調維達投資評級至「跑輸大市」,維持目標價21元。
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