里昂发表研报指出，新秀丽(01910.HK) 2025年第二季固定汇率销售按年跌5.8%符该行预期，但列账销售额按年降4.8%，因外汇顺风而优于该行预期。里昂预计，相较公司今年上半年销售额下降6%，下半年销售额按年料降4%，受外汇变动及价格上调支持。管理层可能保护下半年毛利率按半年稳定。
报告又预计，下半年新秀丽调整后EBITDA利润率因成本节约，按半年上升20个基点至16.4%。该行对2025至2027年销售额、毛利预测基本不变，但因股票支付影响导致税率上升，2025至2027年净利润预测分别下调5%至7%。因此，该行将目标价从22元下调至21元，基于未来12个月市盈率13倍不变计，对应2025至2027年净利润年均复合增长率13.6%的预测。该行维持予其“高度确信跑赢大市”评级，因估值不高、连续改善潜力及双重上市机会。
里昂表示，新秀丽管理层指引第三季及下半年净销售额将续改善，尽管第四季能见度低；里昂预计非美国地区、外汇及价格上调将支持列账销售额。(hc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-14 12:25。)
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