智通财经APP获悉，中信里昂发布研报称，上调新秀丽(01910)目标价4.8%，从21港元升至22港元，重申高度确信的“跑赢大市”评级。中信里昂上调对该公司2025-2027财年销售额预测2-3%，纯利预测2-10%，主要考虑2025年下半年前景改善。
新秀丽第三季业绩、第四季展望以及双重上市的最新进展应会成为推动其业绩增长的催化剂。第三季销售额同比减1.3%至8.73亿美元，所有地区及品牌均录得环比增长。8月至10月销售额转正，11月至今的销售趋势也持续良好。
中国市场第三季表现跑赢大市，同比增10%，这与中信里昂此前的预期相符，管理阶层对第四季环比改善充满信心。中信里昂预期新秀丽第四季销售额将同比减0.2%，全年销售额将同比减3%。中信里昂预测2025财年调整后EBITDA利润率为16.4%，同比减2.7个百分点，2026财年将达到17.1%，销售额重回3%的增长。
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