招银国际：维持普拉达(01913)“买入”评级 目标价70港元
招银国际发布报告称，维持普拉达(01913)“买入”评级，目标价70港元。该行认为，公司近期股价回调主要基于未来几个季度内营收正常化逻辑，然而市场可能忽略其利润率的提升能力。同时，公司作为在港上市的国际奢侈品集团，仍具有稀缺价值。
报告中称，普拉达上半年业绩表现出色，销售取得同比增长17.4%。该行预计，三季度销售将回落至中单位数的自然增长区间。分地区来看，由于去年同期有欧洲客流增长且上海放开封控，预计今年三季度欧洲及亚洲市场或因高基数缘故承压。鉴于美国7月销售呈持续改善势头且去年存在低基数效应，预计美国市场3季度将迎来温和复苏;日本和中东市场销售企稳。同时，由组合升级及规模效益所带来的今年上半年80%左右的毛利率仍可维持。在更新的模型中，该行将毛利率/EBIT利润率预测分别提高1.2/2.9个百分点。
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