華西證券:21年盈利能力大幅提升 行業龍頭有望收益露營行業爆發式增長 探路者(300005.SZ)獲多家大行看好
格隆匯5月24日丨近期探路者獲多家券商關注。中金髮研報指出:21年盈利能力大幅提升,公司2021收入同比增長36.2%至12.4億元,歸母淨利潤由負轉正至0.5億元,扣非後歸母淨利潤由負轉正至0.2億元,符合業績預吿。其中,21年下半年户外用品主業收入同比增34%至8.3億元。該行指,隨着北京芯能收購完成,公司確立了“户外業務+芯片業務”雙主業發展戰略,未來計劃圍繞户外用品業務和芯片業務穩步擴大經營規模,提高公司整體盈利水平。華西證券發研報指,户外及露營行業爆發式增長,探路者作為行業龍頭有望充分受益。根據魔鏡數據,公司近期銷售額大幅增長;公司户外裝備Q2起將開始體現高增長,登山帳、吊牀為傳統優勢品類。中長期來看,鞋服主業疫情後有望重啟開店,衝鋒衣市佔率領先,疊加店效+折扣存提升空間。此外公司收購北京芯能60%股權有望打造第二增長曲線,有助於公司消化新增產能、增強業績承諾兑現可能。華西證券首次覆蓋,給予公司“增持”評級。
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