金吾财讯 | 杰富瑞发布研究报告指出，新秀丽(01910)去年第四季度业绩表现符合该行及市场预期，经调整EBITDA利润率达20.7%，超出该行分析师19%的预测值。报告认为，主要驱动因素包括：毛利率水平超预期表现，以及销售及营销费用率显著低于预期。公司表示美国上市计划正在进行，纵使没有时间表。根据公司管理层指引，基于高基数及美国订单转移，今年首季销售按年录得低至中单位数下降。基于宏观环境不确定性，公司未给予全年指引，但管理层预期未来数季会出现持续改善。杰富瑞上调该公司2023-2024年净利润预测6%及2%，其中特别指出第一季度以本地货币计价的销售额预计下跌2.5%。基于盈利预测的优化调整，杰富瑞将新秀丽目标股价从26.40港元上调至28.97港元，维持"买入"评级。该行表示，当前股价较目标水平仍存约9%的上行空间，建议投资者关注后续季度业绩改善的兑现机会。
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