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《大行报告》花旗上调滔搏(06110.HK)目标价至14.55元 评级「买入」
阿思达克 12-21 12:02
花旗发表研究报告,指从Nike业绩中看到滔搏(06110.HK)有四项利好因素,第一,Nike大中华区销售增长19%及EBIT升28%。第二是,Nike11月渠道库存已回复至正常水平,预计随着Nike在全球推出更多均价更高的产品,滔搏可从中受惠。第三是Nike管理层将其2021年度全年销售目标由高单位数调升至低双位数(上半年为4%),毛利率指引亦有所扩张。第四是,随着Nike加快转型至直接面向消费者(DTC)策略,Nike积极与各策略夥伴展开直接的合作,以捕捉需求。

该行将滔搏目标价由12.75元升至14.55元,维持评级「买入」,看好滔搏、李宁(02331.HK)多於安踏(02020.HK),给予後者「沽售」评级。

该行指,滔搏於10月至11月的销售相较9月见增长,同时店铺折扣亦见持平,意味毛利率稳健。基於集团与Nike及Adidas有前所未有的强大线上/线下渠道合作,双十一销情亦见理想。

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