【券商聚焦】招银国际维持JS环球生活(01691)买入评级 指上半年销售略低于预期

金吾财讯
Sep 04, 2025

金吾财讯 | 招银国际研报指,JS环球生活(01691)25年上半年销售略低于预期、调整后净利润基本持平。JS环球25年上半年报告销售同比增4%,略低于彭博预期(25财年预期增速13%),调整后净利润同比降27%,符合盈警。收入缓慢主因九阳业务恢复迟缓、关联销售大幅下降;净利下降则来自九阳盈利下滑、采购服务收入减少、品牌与新品推广的营销费用提升以及股份激励计划公允价值损失。分业务看,第三方销售增速由24财年的13%升至25年上半年的18%,关联销售则从25年上半年降59%(24财年降55%)。该机构指,利润率层面,JS环球的毛利率有望持续改善。虽然25年下半年和26财年品牌推广费用预计增加,但预计整体毛利率改善将受益于:1)SharkNinja高毛利贡献提升,2)关联业务占比下降(毛利/净利率较低),3)人力、折旧及总部成本具规模效益,4)股权激励规模明年起可能下降等。该机构维持买入评级,目标价不变为2.44港元。25财年调整后归母净利润预测下调92%,反映上半年盈利下滑、九阳业务增长与弱于预期的品牌推广费,并引入26/27财年预测。新目标价按14倍26财年预测市盈率计算,较九阳(21.5倍)及SharkNinja(19.6倍)的平均折让32%,亦较A+H小家电平均折让8%。考虑公司24–27年三年销售年复合增长9%,净利润年复合增长157%,14倍预测市盈率相当合理,现价估值为11倍26财年。

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