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《大行报告》大和升特步(01368.HK)评级至「买入」 目标价上调至4.5元
阿思达克 03-19 09:55
大和发表研究报告指,特步(01368.HK)去年净利按年下跌29.5%,较该行预期高出7%,并较市场预期高13%,主要是由於调整对渠道附属的会计处理後的增值税得益影响。特步去年收入持平,达到近82亿元人民币,其中主品牌销售额按年下跌8%。毛利率下跌至39.1%,相信是由於回购存货及会计准则改变等所致。

大和认为,今年首两个月主品牌录得50%按年增幅,较2019年同期相比亦有中单位数升幅,期内折扣已恢复正常,管理层预期存货水平至年底可回落至4至4.5个月,至於新品牌K-Swiss及Palladium亦预期亏损将收窄。

该行指,虽然前景未明,但相信最坏的情况已过去,将评级由「持有」升至「买入」,目标价上调至4.5元。

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