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《大行報告》里昂上調特步(01368.HK)目標價至4.2元 評級「跑贏大市」
阿思達克 03-22 10:43
里昂發表的研究報告指,特步國際(01368.HK)去年盈利表現好過預期,較該行預測高10%,主要受惠零售銷售、庫存及現金水平復甦,意味公司正重返正軌,管理層亦指未來將增加聚焦於運動跑鞋方面,不過該行認為公司的多品牌策略繼續拖累短期盈利表現,所以將公司2021至2022年銷售預測升2%至3%,但就將2022年盈利預測降4%,以反映銷售勢頭及銷售開支增加的影響,目標價由4元升至4.2元,維持「跑贏大市」評級。

該行指出去年公司再一次證明了特步在跑步領域的優勢,而新技術亦令公司在客戶中獲正面評價,特別是專業馬拉松選手方面,該行估計公司更多聚焦於跑步領域有助提升其產品組合優勢。里昂亦指,特步品牌持續有改善,不過其多品牌策略仍需時間才見效,旗下四個新品牌合計貢獻收入約13%,但去年虧損就逾1億元人民幣,估計隨著公司計劃加快擴張新品牌線下店,虧損將持續並在可見將來拖累盈利表現。

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