《大行報告》花旗上調江南布衣(03306.HK)目標價至20.5元 評級「買入」
花旗發表研究報告指,江南布衣(03306.HK)2021年度下半財年業績表現強勁,期內收入及淨利分別為18億元人民幣(下同)及1.84億元,較2019年同期分別升36%及77%,認為公司在品牌、全渠道發展及供應鏈效益上的投資改帶動同店銷售、利潤、庫存及現金流的改善,而派發特別息屬正面驚喜,帶動全年派息比率達102%,考慮到公司現金狀況強勁,管理層維持逾75%派息比率預期,同時亦將考慮併購。該行將公司目標價由16.8元升至20.5元,評級「買入」,相信其「設計+品牌的模式等可繼續帶動穩健增長。
管理層目標到2024財年或之前商品交易額(GMV)可達100億元,而收入及淨利則分別達60億元和9-10億元。2022財年公司估計收入可維持逾10%的按年增長,而同店銷售則為高單位數,淨利則目標高於2021財年水平,主要考慮到品牌及人才投資增加等。
該行指出2021財年公司同店銷售增長改善19.3%,主要受惠品牌強化、社交零售渠道擴張等,期內分店數目大約維持在1,931家,而主要品牌在下半財年表現均理想,而新晉品牌方面亦扭虧。下半財年公司線上銷售增長92%,銷售貢獻增至18%,而自營及分銷商經營店銷售分別增長19%及42%,受惠渠道庫存健康及去貨表現強勁,分銷商方面顯著改善。(el/s) ~
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