《大行報告》瑞銀:特步(01368.HK)上季銷售符預期 農曆新年銷售及毛利指引優於預期
瑞銀發表報告指,特步(01368.HK)上季銷售符預期,農曆新年銷售及毛利指引勝預期。維持「買入」評級和目標價12.2元。另將去年的每股盈利預測下調11%,以反映對分銷商的補貼,對今明兩年的每股盈利預測大致維持不變。
報告指,去年第四季特步品牌銷售按年下降高單位數,符合預期。管理層指引今年特步品牌在今年零售額按年增長20%以上,收入按年增長雙位數,驅動因素包括平均售價提高5至10%,店舖面積增加10%,和淨開店目標300間,以及線下銷售復甦。
在盈利能力方面,管理層預計今年毛利率將改善,由於恢復馬拉松賽事,廣告和促銷的支出可能會增加,佔收入的10至12%。
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