花旗:滔搏(6110.HK)擁有無與倫比的離線服務零售網絡 予目標價12.49港元
花旗發佈報告稱,滔搏(06110.HK)是消費者非必需品股份的首選,預測該公司2020、2021及2022年度的核心淨收益將分別上升20%、19%和21%,目標價為12.49港元,相當於2020年預測市盈率的22倍,比Nike和Adidas的平均估值折讓20%。
該行稱,滔搏擁有無與倫比的離線服務零售網絡,包括覆蓋30個省268個城市的8372個直營POS(銷售點終端),以及由1103個下游零售商運營的另外1957個POS,使國際體育品牌可藉助該公司有效地接觸內地消費者。
該行認為,內地的運動服零售平台比其他國家的買家更具粘性,主要因為體育的性質及其在社交媒體中日益普及,而滔搏擁有以消費者為中心的體育零售平台,使其能夠反覆利用消費者的需求貨幣化,從而為公司持續強勁增長奠下基礎。
該行還稱,滔搏可以快捷地發展其以消費者為中心的商業模式,使其門店銷售效率、利潤率和庫存週轉率,且其運營槓桿偏低,也有助其平衡營業額和息税前利潤率,以實現持續強勁的息税前利潤增長。

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