《大行報告》瑞銀下調特步(01368.HK)目標價至12.2元 評級「買入」
瑞銀發表報告指,在雙11活動期間,特步(01368.HK)網上總銷售額按年升30%,為了控制庫存水平,公司在雙11期間,採用較去年更加進取的折扣優惠;另外,管理層提出第四季折扣水平介乎30%至35%之間的指引,符合早前提出的高於30%的指引;基於近期庫存水平高,料在12月舉行的產品訂貨會上,其訂單或會保守。
該行指,即使近期經營環境存不利因素,管理層重申在2025年特步品牌及小型品牌的收入目標分別為200億元人民幣及40億元人民幣;在擴大銷售渠道方面,管理層提出明年及2024年分別開設200間新店的指引,主要位於二至四線城市,以及更加關注特步兒童未來以獨立店舖的經營方式。
該行指,將公司2022年至24年每股盈測下調3%至6%,以反映折扣更多及在訂貨會訂單較為保守,故將其目標價由12.7元下調至12.2元,維持評級為「買入」。(ca/k)
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