高盛:受益於運動服飾市場增長 首予滔搏(6110.HK)“買入”評級
高盛發佈報告稱,滔搏(06110.HK)為高檔中國運動服飾趨勢代表,且定位良好,運動服飾鞋履市場2014-2018年複合增長率16%,高於同期整個內地服裝鞋履市場的6%。該行表示,基於2021年20.5倍預測市盈率及淨收益增長等因素,首予滔搏“買入”評級,目標價11.6港元。
該行稱,公司長期合作伙伴為一線運動服飾品牌、營運策略有助品牌持續增值。該行又稱,公司是Nike及Adidas在中國最大的零售夥伴,雖然其運動服飾品牌增強了自身直效行銷(direct-to-cousumer),但相信基於市場整體增長,對公司線下銷售影響仍屬可控,預計中國體育服裝市場在2018-2023年年複合增長率可達13%。

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