《大行報告》瑞信下調滔搏(06110.HK)目標價至10元 評級「中性」
瑞信發表研究報告指出,滔搏(06110.HK)中期收入按年跌1.2%至155.73億元人民幣,但純利增長9.3%至14.31億元人民幣,毛利率增長2.8個百分點至44.5%,主要由於零售折扣收善、渠道轉移和提供回贈,惟由於勞工成本上升,令營業利益率僅升1.1個百分點。
期內,滔搏主力品牌包括Nike及Adidas的收入按年跌2.4%,其他品牌收入則升8%。按銷售渠道劃分,批發業務收入增長3.7%,直接零售業務收入跌2.3%,分別為上半年的商品銷售收入貢獻82.4及17.6%。此外,管理層指7月人流已回復至2019年水平,但8月受新一波疫情反彈的打擊,而9月人流下跌幅度有所收窄,10月人流錄得進一步的按月改善。
該行將滔搏的2022及2023財年盈利預測下調2.7及1.2%,鑑於對運動產品的需求持續疲弱,認為缺乏短期的催化劑,而公司亦面臨結構挑戰,因品牌持續推進直接面對消費者(DTC)渠道策略。將其目標價由13元降至10元,維持「中性」評級。
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