大行評級 | 高盛:給予波司登(3998.HK)首次覆蓋 目標價4.5港元
格隆匯9月15日丨高盛發首次覆蓋研報指,波司登(3998.HK)是中國最大的羽絨服品牌,在1560億元人民幣的羽絨服市場中估計佔有約12%的份額。該行非常看好波司登,因其作為一個再次興起的中國品牌,在過去幾年裏,通過不斷的產品創新、穩定提振的價格,以及不斷完善的銷售渠道策略,在羽絨服市場上獲得了強勢的品牌地位。該行預測,在2021-2025財年平均售價將温和增長,複合年增長率5%。另外,該行認為公司銷售進一步上升取決於是否擴展到非羽絨產品。因此,基於23-24財年15倍市盈率(為其歷史平均水平),該行對波司登的目標價為4.5港元,這意味相對於高盛所覆蓋服裝/運動服飾企業而言,分別有11%和30%的平均上漲空間。該行考慮到波司登商店生產率和增長率將高於整個行業情況下,預計公司2021-24財年的銷售額/淨利潤年複合增長率分別為14%/18%。近期來看,考慮到其產品的季節性(即10月至3月這幾個較冷的月份通常佔全年銷售額比重較高),22年第二季度中國疫情控制對其業務和庫存影響有限。
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