《大行报告》汇丰研究首予JS环球生活(01691.HK)「买入」评级 目标价27.3元
汇丰研究以「受中国供应链支持的国际小家电品牌」为题发表报告,首予JS环球生活(01691.HK)「买入」评级,以现金流折现率计,目标价27.3元。报告称,其成功建基於其持股51%附属九阳股份(002242.SZ)及2017年所收购全资附属SharkNinja之间的协同效应。报告称,利用九阳广泛内地供应链,有助SharkNinja加快新产品渠道,减少生产成本,及提振利润率。
报告称,九阳属内地食品准备设备品牌「一哥」,及第三大小型煮食设备品牌。在美国,SharkNinja是第三大吸尘机品牌,其市占自2018年的5.4%升近一倍至2020年的10%。去年上半年,JS环球生活收入约48%来自北美,40%来自中国内地,10%来自欧洲(主要是英国)。
汇丰研究表示,JS环球生活自2019年12月上市以来,股价由5元水平升至21.05元,本年至今累升41%。不过,报告称,SharkNinja增长续支持估值重评,JS环球生活收入及毛利率料持续扩张。透过产品种类及地区扩张,该行料SharkNinja收入在2020至2022年间收入年均复合增长达19%。考虑较高的增长憧憬,该行认为与同业比较,JS环球生活估值仍吸引。
报告料JS环球生活2020至2022年间收入年均复合增长达17.4%,纯利年均复合增长达30.6%。SharkNinja纯利贡献占比料由2020年的77.6%扩至2022年料81.3%。
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