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《大行報告》匯豐研究下調特步(01368.HK)目標價至7.6元 評級「持有」
阿思達克 08-24 10:13
匯豐研究發表報告指,與同行相比,特步(01368.HK)核心品牌在零售去化增長方面表現出色,上調對其今年收入增長預測至15.8%,並升全年盈測5%。不過,該行指強勁的增長可能無法持續,維持明年和後年盈測大致不變。目前預期淨利潤率從今年7.7%溫和地擴張至明年8.4%,並在後年進一步擴至8.7%。 報告指,零售去化的加快表面上應能支持明年盈利的進一步增長。不過,特步核心品牌採用批發模式,意味著其分銷商需要支付消化過多庫存的成本。在目前去庫存周期中,擴大折扣範圍可能會加快銷售速度。而在之後的補貨周期中,由於分銷商的財力和市場競爭,可能會限制單品銷售。 匯豐研究維持對特步「持有」評級,但將目標價由10元下調至7.6元。
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