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《大行報告》瑞信升特步(01368.HK)評級至「跑嬴大市」 指進入新增長階段
阿思達克 06-17 14:31
瑞信發表的研究報告指,特步國際(01368.HK)剛推出第二代跑鞋,為長跑人士提供更多支撐,而第二代定價999元人民幣(下同),較第一代貴100元,同時亦見到有更多中式設計,包括是武漢限量版系列,該行的渠道調查顯示核心特步於4月及5月銷售健康,與2019年同期比較增長逾兩成。

該行指出特步核心優勢在於跑步系列,認為Saucony亦逐漸成功,近期店舖生產力月均約18萬元。不過考慮到擴充進程,估計Wolverine今年將錄4,700萬元虧損,而明年虧損則收窄至2,400萬元,到2023年將扭虧並錄1,000萬元盈利。至於Palladium及K-Swiss則料於2021-23年分別錄6,000萬元、3,000萬元及1,000萬元虧損。

該行指出高瓴的投資去除了配股的憂慮,過往特步估值較低主要由於其增長較低,加上與市場溝通不足,而其規模亦較細,不過近期獲高瓴投資後可去除投資者對公司配股的憂慮,而高瓴的往績亦為公司增加信譽。

該行將公司評級由「中性」升至「跑贏大市」,2020/21年盈利預測分別升8%及11%,以反映品牌勢頭強勁、平均銷售單價提升及產品組合改善等,目標價由3.9元升至13.2元。(el/k) ~

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