麦格理发表研报指，新秀丽(01910.HK) 2024财年第四季收入按年下降0.7%，按季增长7%，符合该行及市场预测和公司指引。经调整EBITDA按年增长7.7%，因毛利率提高及杠杆改善，意味EBITDA利润率为20.7%，略高于该行预测的19.6%。
麦格理对新秀丽的毛利持保守态度，谨慎估计其2025财年毛利率为59.2%，相对于2024财年为60%，主要考虑到关税影响。另外，该行将新秀丽2025及2026财年经调整纯利预测，分别下调6.2%及11.7%，目标价下调1%至19.2元，给予“中性”评级。(js/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-13 16:25。)
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