《大行報告》摩通上調特步(01368.HK)目標價至20.2元 評級「增持」
摩通發表研究報告表示,對特步國際(01368.HK)展望進一步改善,因特步在投資者日分享更多發展計劃詳情。核心品牌未來五年的收入年複合增長率為23%,至2025年達200億元人民幣;新品牌則為30%,至2025年達40億元人民幣。
該行指,公司目標至2025年核心品牌成人種類銷售佔比為83%,而兒童為17%;線上銷售渠道佔比料由目前約20%升至40%。相信未來增長動力來自產品均價提升、銷售滲透至更多商場,以及開設更多高端店。
該行相信,公司上述計劃可以達成,因其正優化線上線下渠道、穩健的產品線、品牌佔比提升、市場對本地品牌的偏好,維持「增持」評級,目標價由19.4元升至20.2元。
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