維達國際 (03331.HK) 成本上漲壓力顯著、銷售表現強韌 March 10, 2023 148

PSR Recommendation: SELL Status: Initiation
Target Price: HKD14.10

維達為亞洲衛生用品企業,以維達 Vinda、得寶 Tempo、維達多康 Tork、添甯
TENA、包大人 Dr.P、薇爾 Libresse、 Libero、Drypers 等主要品牌發展生活用紙、失
禁護理、女性護理、嬰兒護理及居家外清潔衛生解決方案多個業務。
原材料成本上漲及外匯波動,利潤率承壓
FY2022,維達總收入同比增長 4.0%(按固定匯率換算為 8.1% )至 19418 百萬元(港
元.下同)。淨利潤減少 56.9%至 706 百萬元;淨利潤率較去年下降 5.2 個百分點至
3.6%;每股基本盈利為 58.7 仙(FY2021:136.5 仙),末期股息每股 30 仙。連同中
期股息,年度的每股股息總額為 40 仙(FY2021:50 仙)。

About the author

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Eric Li
Analyst
Research

李浩然先生(Eric Li) 高級分析師 現任現為輝立証券持牌高級分析師,曾任職股票基金、家族辦公室及證券公司等,擁有多年的證券研究部門從業及投資經驗,並先後於香港最暢銷的財經媒體撰寫投資專欄。畢業於香港理工大學電子計算系。 Eric is currently a licensed research analyst at Phillip Securities. Prior to joining Phillip Securities, he has years of equity research and investment experiences in asset management company, family office and securities company. Meanwhile, he has written investment columns in Hong Kong`s best-selling financial media for years. He holds Bachelor of Arts in Computing from The Hong Kong Polytechnic University.

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