发布研究报告称，维持（03331）“强烈推荐”评级，预计2022-24年实现归母净利润为7.95/16.02/20.89亿港元（同比-51%/+102%/+30%）。在当前生产成本高企行业环境下，上下游议价能力较弱的中小品牌开工率预计显著降低，甚至出清，公司作为行业龙头经营韧性强劲，短期看好H2多轮提价+成本压力趋缓下盈利能力边际改善，中长期看好行业格局进一步优化。
报告中称，分产品来看，公司22Q3纸巾/个人护理业务分别实现收入36/7.8亿港元（同比+8%/+2%）。纸品业务继续坚定高端化路线，并通过多轮调价对冲原材料等成本上涨压力。个人护理业务增速环比出现明显下滑，主要系公司个人护理业务中海外市场占比较大，Q3承压，导致集团层面个人护理业务收入增长乏力，拆分来看，国内女性护理仍实现较好增长，但疫情仍对很多营销活动产生影响，预计Q4有望得到更好恢复。
非特殊说明，本文由浸润之谮网原创或收集发布。
友情链接： https://www.banquecramer.ch/?page=186&s=Exeter%E6%AF%95%E4%B8%9A%E8%AF%81%E4%B9%A6%E5%88%B6%E4%BD%9C%E5%9F%83%E5%85%8B%E5%A1%9E%E7%89%B9%E5%A4%A7%E5%AD%A6%E5%81%87%E6%96%87%E5%87%AD%E5%AE%9A%E5%88%B6QQ%E5%BE%AE%E4%BF%A1229%208881%E5%81%9AExeter%E7%95%99%E4%BF%A1%E7%BD%91%E6%95%99%E7%95%99%E6%9C%8D%E8%AE%A4%E8%AF%81%E6%B5%B7%E7%89%99%E8%AE%A4%E8%AF%81%E6%94%B9Exeter%E6%88%90%E7%BB%A9%E5%8D%95GPA%E5%81%9AExeter%E5%81%87%E5%AD%A6%E4%BD%8D%E8%AF%81%E5%81%87%E6%96%87%E5%87%AD%E9%AB%98%E4%BB%BF%E6%AF%95%E4%B8%9A%E8%AF%81%E7%94%B3%E8%AF%B7%E5%9F%83%E5%85%8B%E5%A1%9E%E7%89%B9%E5%A4%A7%E5%AD%A6University%20of%20Exeter%20degree%20offer%20diploma%20Transcript27bj | 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