Group 1 - The core viewpoint of the report is that 招银国际 initiates coverage of 颖通控股 (06883) with a "Buy" rating and sets a target price of HKD 3.49, corresponding to a 14.2 times price-to-earnings ratio for the fiscal year 2026 [1] - The report highlights that the Chinese perfume market is recognized as the fastest-growing segment in the cosmetics industry, with multiple institutions predicting a growth rate of 9-14% over the next 4-5 years [1] - 颖通控股's multi-brand operation is seen as a strategic advantage that enhances its control over both upstream and downstream partnerships [1] Group 2 - There are concerns among investors regarding the revenue gap caused by the retraction of core brand operations and the impact of rising domestic brands on market share [1] - The report suggests that these investor concerns may be overstated [1]
招银国际：首予颖通控股(06883) “买入”评级 目标价3.49港元