特步國際(01368.HK):2019Q3營運基本穩定,服裝增速更快,維持“審慎增持”評級,目標價4.83港元
機構:興業證券
評級:審慎增持
目標價:4.83港元
投資要點
2019Q3公司在中國內地業務營運情況整體較穩定。與去年同期相比,公司同店銷售增速約為10%,零售銷售增速(含線上及線下)約為20%,零售折扣水平平均為6.5折-7.8折,零售存貨週轉月數約為4個月。
從下半年詳細情況來看,7-10月表現有所恢復。特步主品牌2019年7月和8月零售增長較2019H1呈現穩定態勢。其中,服裝產品的銷售增長快於鞋類。2019年9月公司零售增長放緩,主要原因:1、去年較高的銷售基數,2、北方地區氣候異常導致秋季較暖。2019年10月特步主品牌的銷售收入回覆至之前增長水平。
下調公司目標價為4.83港元,目標價相比現價4.59港元有5.2%增幅。預計公司2019/2020/2021的收入分別為74.5/87.7/103.6億元人民幣,歸屬於股東的淨利潤分別為6.8/7.6/9.5億元人民幣。我們預計2019年公司多品牌戰略持續發力,增速顯著,且新品牌將貢獻更多營收,預計營收增幅16.8%,淨利率下調1.1ppt,下調公司目標價至4.83港元,對應2019/2020/2021年P/E分別為14.1x/12.8x/10.3x,維持審慎增持評級。
風險提示:行業競爭加劇,業務推進不及預期,新品牌推廣費用超出預期。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.