《大行報告》瑞信上調特步(01368.HK)目標價至17.6元 評級「跑贏大市」
瑞信發表報告,指特步國際(01368.HK)上半年業績同預期大體一致,收入增長12.4%,淨利潤增長72%,由於利潤率擴大和財務費用減少。管理層將特步核心業務的下半年收入指引提高到30%以上,現在預計全年增長將達到20%以上。目標價由17.2元上調至17.6元,評級「跑贏大市」。
瑞信指,特步其他品牌分部在上半年繼續虧損,運動休閒類和專業類品牌分別虧損4,100萬和1,100萬元人民幣,因海外市場疫情反彈,預計新品牌短期內可能會出現虧損。另外,雖然特步在2021年和2025年的年複合增長率料已經超過20%,但考慮到對跑鞋的持續投資和新的xDNA系列,管理層將其提升至23%。更多細節將在稍後特步的投資者日公布。
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