You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
大和:重申特步(1368.HK)買入評級 目標價16.8港元
格隆匯 09-02 12:38

大和發表研究報吿指,特步(1368.HK)昨日公佈“五五規劃”。該行認為,集團的品牌提升及數字化對其進一步發展十分重要,新品牌則如預期一樣,或需要時間成長,重申其買入評級及目標價16.8港元。

報吿提及,特步管理層預期2025年的主品牌收入達到200億元人民幣,當中,成人品牌複合年增長率為21%,收入目標達165億元;兒童品牌收入目標則為35億元,複合年增長率37%。管理層又料2025年特步品牌核心POS數量將達到約7800間,包括增加對二、三線城市的曝光度,平均門店面積增加40%以上,及更高購物中心POS組合,管理層認為,這將推動其每間商店的月銷售額複合年增長率9%至22.5萬元人民幣,又預計2025年電子商務收入貢獻將從目前的25%增至40%。

以品牌劃分,特步管理層預期2025年Saucony(索康尼)和Merrell(邁樂)的收入複合年增長率為70%;收入分別達到10億元和2億元人民幣,而預計PaIIadium(帕拉丁)及K-Swiss(蓋世威)的收入複合年增長率分別為20%和25%,收入分別達12億元和16億元人民幣。另外,管理層料索康尼增長由POS擴張和商店生產力提高45所推動;蓋世威則仍處於品牌重新定位,料短期虧損或持續到2023至24年,預期屆時將達收支平衡。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account