《大行報告》野村下調特步(01368.HK)目標價至11.3元 評級「買入」
野村發表報告指,對特步(01368.HK)去年的利潤率和今年的銷售增長預測愈來愈保守,將目標價由11.6元下調至11.3元,但維持「買入」評級。
該行表示,考慮到特步去年第四季低迷的銷售以及相應增加的在線渠道零售折扣和對分銷商的補貼,預計特步2022財年的業績將相對疲弱。對於2023財年,雖然該行預計隨著經營環境的改善,集團的銷售增長將在下半年重新加速,但公司或面臨更激烈的行業競爭。
因此,野村將特步2022至2024財年的淨利潤預測下調2.1至7.9%,並預期集團2022財年的業績疲軟及利潤率承壓。
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