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東吳證券:看好波司登(3998.HK)未來業績增長 維持“買入”評級
格隆匯 04-24 12:11

東吳證券發佈報告稱,考慮到波司登(3998.HK)2020年初暖冬+春節靠前+公共衞生事件影響造成的低基數, 2021年服裝行業有望迎來業績大年,結合公司品牌勢能持續提升,該行對公司未來的業績增長依然看好,當前時點的大力度股權激勵動作也反映了公司對長期發展的信心,預計FY20/FY21/FY22淨利潤為10.8 億/14.6 億/19.6 億元,同比增長10.4%/35.0%/34.1%,對應PE 17X/13X/10X,維持“買入”評級。

該行表示,公司公佈大力度股份獎勵計劃,並授出獎勵股份和購股權。本次激勵涉及股份數量為波司登上市以來最高,此前激勵主要涉及16-19財年,期間公司淨利潤體量由2.81億元提升至9.81億元,實現長足增長;本次激勵考核2021-2023財年的業績指標,雖然具體考核指標並未公佈,但可以聯想這次史上最大力度的股權激勵可進一步激發團隊活力、利於集團遠期發展。

另外,公共衞生事件主要影響春節後促銷,零售佔比在10%。在 19 年入冬以來南方天氣明顯偏暖的情況下,波司登旗下的品牌羽絨服業務依舊保持了高速的增長態勢,在FY19/20前九個月中(2019/4/1-2019/12/31)波司登品牌累計零售金額增長超過30%,其他品牌羽絨服零售金額增長超過40%。

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