《大行報告》中金下調特步(01368.HK)目標價至7.91元 雙十一銷售弱影響全年業績
中金發表評級報告指,特步(01368.HK)雙十一累計線上成交額按年增20%至11億元人民幣,其中特步主品牌按年有高單位數增長,表現弱於公司計劃的按年增20%至30%。
中金指,10月特步主品牌零售流水按年增逾40%,隨第四季基數回落,管理層預計第四季特步主品牌流水按年增長逾30%,全年流水可實現逾20%的按年增長。
中金指,考慮到雙十一主品牌線上銷售不及預期、折扣加深,以及線上退貨率提升帶來的物流成本增加,管理層下調集團今年全年收入及淨利潤預期至按年增長逾10%,其中預計特步主品牌全年收入按年有高單位數增長。
中金將特步今年每股盈測下調11%至0.39元人民幣,明年則下調13%至0.48元人民幣,同時將其目標價下調21%至7.91元,維持其評級為「跑贏行業」。(ca/cy)
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