招銀國際:維持波司登(3998.HK)買入評級 目標價上調至6.13港元
招銀國際發表研究報吿表示,波司登(3998.HK)之品牌提升和靈活性是關鍵,目標價上調至6.13港元,維持買入評級。
報吿指,波司登去財年(3月年結)收入/純利同比增長11%/42%,較該行預期低6%/高2%,主要由於批發收入遜預期、毛利率上升及大店鋪之同店銷售增長強勁令經營效率和槓桿改善。該行上調22/23財年之攤薄每股盈利17%/24%,以反映毛利率和經營槓桿上升。
該行預期22財年收入同比增長15%,受惠目前訂貨會之正面氣氛、擴張產品目錄和舉行更多市場推廣活動,及電商銷售增長強勁,並預期純利同比增長23%,動力包括較佳的零售折扣管理、品牌提升帶動產品均價上升、自營店銷售增加、更多大型店鋪提升效率。另外,公司將進一步優化渠道庫存管理,採取更靈活的訂貨和補貨機制。

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