中金:新秀丽Q1销售额和利润率均低于预期,降目标价20%至20港元

格隆汇
15 May

新秀丽(1910.HK)日前公布首季业绩,中金发表报告指,其销售额和利润率均低于预期,主要由于亚洲地区表现逊预期及北美批发订单节奏错位。面对宏观不利因素、外部竞争加剧、外汇汇率风险、二次上市时间不确定性,以及关税不确定性等,下调今明两年盈利预测,将目标价调低20%,至20港元,维持“跑赢行业”评级。

中金指,在业绩电话会议管理层称,Tumi品牌在内地表现强劲;第二季至今销售增速与首季相似;管理层预计次季毛利率保持稳定,经调整EBITDA利润率略有改善;与其他消费品相比,行李箱行业未见明显提前备货行为;首季在美国销售产品中有14%来自中国,料今年底比例将降至1%至5%。为应对潜在关税上调,该集团拟采取多项举措。此外,管理层认为今年全球旅客料增5%,可能意味行李箱需求有增长潜力;又表示正持续推进美国双重上市计划,但密切关注市场环境。监于在美国关税不确定性背景下消费情绪疲软,中金将该集团今年收入和净利润预测分别下调3%和12%,至35.4亿美元和3.27亿美元;明年收入和净利润预测分别下调4%和18%,至37.5亿美元和3.48亿美元。下调目标价至20元,对应11.5倍2025年市盈率,较当前股价具30%上升空间。

责任编辑:栎树

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