《大行報告》里昂降恆安(01044.HK)評級至「跑贏大市」 目標價下調至27元
里昂發表報告指,恆安國際(01044.HK)去年銷售額略低於該行預期,但淨利潤因利潤率改善和外匯損失收窄而勝預期。去年下半年銷售增長放緩至1%,但由於折扣控制和原材料價格下降,毛利率和淨利潤率按年分別增長3.7和7.9個百分點。該行預計,在競爭加劇的情況下,銷售疲軟勢頭將在今年持續,而由於管理層計劃加大營銷力度以保持市場份額,其在去年下半年實現的高利潤率將難以維持。
里昂將恆安今明年的銷售額和核心淨利潤預測下調2%至4%,但基本維持淨利潤預測。評級從「買入」下調至「跑贏大市」,目標價從35元下調至27元。
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