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《大行報告》摩通上調特步(01368.HK)目標價至8元 評級「增持」
阿思達克 04-16 09:50
摩根大通發表的研究報告指,將特步國際(01368.HK)盈利預測升10%至16%,該行最新估算較市場預期高出1%至5%,目標價由4.72元大升至8元,重申「增持」評級。

摩通指出公司今年首季零售銷售增長好過該行預期,按月來看1至2月份零售銷售按年增長接近50%,3月份表現更有所加快,在渠道方面估計線上表現跑贏線下,而首季線上銷售亦較2019年同期高30%,線下與2019年同期比較亦有低雙位數升幅,認為其表現跑贏同業,在庫存方面亦按季改善至4.5個月水平。

該行的渠道調查顯示,第二季以來公司零售銷售增長進一步加快至逾20%,特步表現強勁支持了該行對國產體育品牌強勁復甦的看法,相信公司業績是受惠公司改善線上線下渠道的努力有成效,產品供應穩健,加上品牌形象提升及內地消費轉向本地品牌等,該行估計2022至2024年特步核心品牌銷售的年複合增長可達10%至15%,而純利年均複合增長則料達雙位數。

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