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《大行报告》摩通上调特步(01368.HK)目标价至8元 评级「增持」
阿思达克 04-16 09:50
摩根大通发表的研究报告指,将特步国际(01368.HK)盈利预测升10%至16%,该行最新估算较市场预期高出1%至5%,目标价由4.72元大升至8元,重申「增持」评级。

摩通指出公司今年首季零售销售增长好过该行预期,按月来看1至2月份零售销售按年增长接近50%,3月份表现更有所加快,在渠道方面估计线上表现跑赢线下,而首季线上销售亦较2019年同期高30%,线下与2019年同期比较亦有低双位数升幅,认为其表现跑赢同业,在库存方面亦按季改善至4.5个月水平。

该行的渠道调查显示,第二季以来公司零售销售增长进一步加快至逾20%,特步表现强劲支持了该行对国产体育品牌强劲复苏的看法,相信公司业绩是受惠公司改善线上线下渠道的努力有成效,产品供应稳健,加上品牌形象提升及内地消费转向本地品牌等,该行估计2022至2024年特步核心品牌销售的年复合增长可达10%至15%,而纯利年均复合增长则料达双位数。

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