《大行報告》高盛下調波斯登(03998.HK)目標價至4元 評級「中性」
高盛發表報告指,擔心消費能力可能會影響波斯登(03998.HK)銷售復甦;就2023財年業績而言,從正面來看,由於零售折扣較佳和渠道組合變化,營運支出節省超預期,非經營收益更高,毛利率保持基本穩定;但上述積極因素被對品牌羽絨服經銷商的補貼所抵銷而拖累銷售。
該行指,展望2024財年,料羽絨服銷量將主要受到現有門店銷量增長以及現階段平均售價的有限上漲空間所推動。該行預計毛利率將保持穩定,受惠於在庫存管理方面,公司對市場動態反應敏捷,以及營運利潤率溫和擴張,以反映槓桿效應和營運支出控制。
該行表示,將公司在2024至2025財年盈利預測下調9%至11%,並將其目標價由4.5元下調至4元,維持其評級為「中性」。
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