《大行報告》高盛微升名創優品(09896.HK)目標價至60元 今年增長前景不變
高盛發表報告指,名創優品(09896.HK)去年第四季季績表現強勁,名創優品中國/海外和「Top Toy」的銷售增長快於預期,毛利率更再創歷史新高,但部分被海外客戶直銷(DTC)市場快速擴張引致高於預期的銷售、一毬及行政(SG&A)費用所抵銷。
該行在名創優品簡報會後對其持正面觀點,亮點包括對於集團中國線下業務而言,雖然第一季比較基數艱難,管理層目標是今年首季GMV(商品銷售總額)增長15%(首兩個月為13%);管理階層也指出,在農曆新年淡季過後,市場呈現健康的趨勢。此外,集團的海外業務穩健增長持續至今第一季,管理層計劃加速在歐盟/美國市場的擴張。
高盛將名創優品今年至2026年的盈利預測提高1%至5%,反映更好的銷售、更高的SG&A及更低的稅率,同時微升集團股份目標價,由59元升至60元,評級「買入」。
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