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野村:维达(3331.HK)第二季销售迅速恢复 重申其买入评级
格隆汇 07-20 14:02

野村发表研究报告指,维达国际(3331.HK)首季由于中国市场的供应链中断,销售按年下降12.4%,而第二季度受卫生纸业务推动下,销售迅速恢复至增长14.9%,当中国内市场的销售按年增长20.1%。该行重申其买入评级,维持目标价39.1港元。

野村指,除了B2B渠道外,所有渠道均在第二季恢复正增长,特别是电子商务的销售额在上半年按年增长30%,佔总销售额的33%,对比去年同期为29%。

野村指,维达高端产品组合的不断完善将使其能够进一步扩大毛利率。另外,维达还有5个月纸浆库存,正常水平为3-4个月,上半年对比2019财年,库存增加了9%,假设纸浆价格仅逐步上涨,认为维达的廉价纸浆库存应至少延续到2021年上半年。

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