研報掘金|中金:上調頤海國際目標價至18港元 維持“跑贏行業”評級
中金髮表研究報吿指,頤海國際為應對近年來消費者需求變化迅速,持續積極推動組織變革,其產品研發方向轉為更大部分由消費者需求所驅動,並會根據消費環境變化推進銷售激勵、擴大渠道等,令東北、華南等部分市場銷售增長出現改善。
該行引述行業數據指,受惠於農歷新年備貨,頤海第三方業務表現良好,而4月至5月在高基數影響下增長有所回落,惟整體表現仍然穩健,憧憬組織變革奏效,預計第三方今年表現將有較良好改善。至於關聯方表現,年初至今翻枱率表現良好,中金目前預計關聯方全年收入亦有望實現較好增長。利潤能力方面,中金預測2024年頤海的毛利率有望穩中有升,費率相對平穩,扣除非經常項目後淨利潤增長速度或略好過收入表現。
中金基本維持2024及2025年盈利預測,考慮到市場估值上行,將目標價升至18港元,並維持“跑贏行業”評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.