美銀美林:首予寶勝(3813.HK)“買入”評級 目標價3.5港元
美銀美林發表研究報告,首次給予寶勝(3813.HK)
“
買入
”投資評級,目標價3.5港元,相信公司會在中國運動行業的強勁增長中受益,並認為庫存系統的改善將會提升利潤。寶勝現為內地運動行業第二大分銷商,估計市場分額約10%,並正經營Nike、Adidas、Skechers及Puma的單品牌商店。目前所有主要品牌均有雙位數增長,雖然受到電商平台的威脅,但相信公司仍會在未來數年持續錄得14至19%的收入增長。
該行相信,管理層可實現於2021年營業利潤率提升至7%的目標(2018年4.4%),相信其毛利率將受益於電商平台的規模改善,以及戰略性降低利潤率較低的新興品牌。
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