《大行報告》瑞信下調滔搏(06110.HK)目標價至8.4元 評級「中性」
滔搏(06110.HK)早前公佈第三季零售及批發業務總銷售金額按年錄得逾20%跌幅。瑞信將滔搏目標價由10元下調至8.4元,維持「中性」評級。
瑞信將滔搏2022、2023和2024年盈利預測分別下調18%、17%和17%,認爲由於全球供應鏈持續受限、需求低迷以及今年2月基數較高,滔搏第四季業績可能面臨壓力。
瑞信表示,近期疫情反彈將繼續拖累滔搏毛利率,各品牌轉向直接對客銷售將對經銷商產生負面影響,與新品牌合作可能是一個正面催化劑。該行在體育用品板塊中,最看好代工生產,其次是體育用品品牌,最後是零售商。不過,短期低迷的運動服裝需求和國內品牌在上半年的高基數將影響體育用品股股價表現,但國內品牌的長期結構性需求面仍然完好無損。
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