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《大行》花旗降阿里影業(01060.HK)目標價至0.8元 新業務投資拖累盈利能見度
花旗發表研究報告指,阿里影業(01060.HK)3月底止2026財年業績顯示,電影業務優化及精簡人手取得進展,但IP業務及大麥業務的盈利能力因投資增加而低於預期。管理層預期2027財年大麥內地業務可實現盈利增長,電影業務持續提升效率,為大麥國際、IP及AI等新舉措投資提供空間。雖然相關投資為未來增長奠基,但短期內將拖累盈利能見度。該行下調2027及28財年經...
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《大行》花旗降阿里影業(01060.HK)目標價至0.8元 新業務投資拖累盈利能見度
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花旗發表研究報告指,阿里影業(01060.HK)  -0.020 (-3.333%)    Short selling $36.46M; Ratio 20.728%   3月底止2026財年業績顯示,電影業務優化及精簡人手取得進展,但IP業務及大麥業務的盈利能力因投資增加而低於預期。管理層預期2027財年大麥內地業務可實現盈利增長,電影業務持續提升效率,為大麥國際、IP及AI等新舉措投資提供空間。雖然相關投資為未來增長奠基,但短期內將拖累盈利能見度。該行下調2027及28財年經調整EBITA預測分別16%及19%,維持「買入」評級,目標價由1港元下調至0.8港元。

報告指出,2026財年集團收入高於花旗及市場預期1%及3%,主要受戲劇製作收入強勁帶動,但IP商品零售及大麥收入則遜預期。調整後EBITA為7.46億元,較花旗預期低15%,主要由於營運開支上升及毛利率略降。按分類表現,電影及戲劇分類利潤高於市場預期,但大麥及IP分類利潤則低於預期。

IP業務方面,2026財年Alifish收入按年升逾70%,其中零售業務增長逾1倍,分銷授權收入按年升40%至50%。管理層表示,各子分類的利潤率平穩,但整體IP利潤率因收入組合轉變而下降,低利潤率的零售業務增長較快,預期2027財年零售業務快速增長將繼續影響整體IP利潤率。大麥業務方面,2026財年票務收入按年持平,內容收入按年升51%。管理層預期大麥內地業務2027財年收入及利潤均可增長,但國際擴張仍會持續。電影業務方面,花旗預期電影《給阿嬤的情書》將於2027財年上半年貢獻利潤,集團將持續控制成本及優化人手。

花旗計算,阿里影業2026財年淨現金達100億元,但扣除客戶票務預付款後約60億元。業績會上管理層未有承諾派息或回購,該行認為現金將更大機會用於新舉措而非股東回報。(da/a)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-29 16:25.)

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