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《大行报告》里昂上调特步(01368.HK)目标价至4.2元 评级「跑赢大市」
阿思达克 03-22 10:43
里昂发表的研究报告指,特步国际(01368.HK)去年盈利表现好过预期,较该行预测高10%,主要受惠零售销售、库存及现金水平复苏,意味公司正重返正轨,管理层亦指未来将增加聚焦於运动跑鞋方面,不过该行认为公司的多品牌策略继续拖累短期盈利表现,所以将公司2021至2022年销售预测升2%至3%,但就将2022年盈利预测降4%,以反映销售势头及销售开支增加的影响,目标价由4元升至4.2元,维持「跑赢大市」评级。

该行指出去年公司再一次证明了特步在跑步领域的优势,而新技术亦令公司在客户中获正面评价,特别是专业马拉松选手方面,该行估计公司更多聚焦於跑步领域有助提升其产品组合优势。里昂亦指,特步品牌持续有改善,不过其多品牌策略仍需时间才见效,旗下四个新品牌合计贡献收入约13%,但去年亏损就逾1亿元人民币,估计随着公司计划加快扩张新品牌线下店,亏损将持续并在可见将来拖累盈利表现。

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