《大行報告》中金降滔搏(06110.HK)目標價至7.29元 考慮行業競爭加劇下調每股盈測
中金發表報告指,隨著消費者對公司銷售品牌認可度好轉,滔搏(06110.HK)2024財年第三財季滔搏零售及批發業務總銷售金額在去年的低基數下增長10至20%低段。疫情後客流逐步復甦,公司回歸零售主業,零售業務銷售額按年增長10至20%高段。得益於公司持續深耕私域社群、加強全域經營,線上線下渠道銷售額均有雙位數按年增長,主要為同店銷售增長帶動。
此外,第三財季公司直營門店毛銷售面積按季增長0.5%,為2023財年首季以來首次門店毛銷售面積的環比增長。雖然毛銷售面積按年仍有1.7%下滑,但下滑幅度自2023財年第四財季以來持續收窄。剔除 adidas中國品牌矩陣調整的短期因素後,11月末公司店舖總數較8月有所增長。管理層預計2024財年下半年公司店舖總數及銷售面積在剔除短期因素後均有望實現按年增長。
考慮行業競爭加劇,中金下調公司2024和2025財年每股盈利預測3%及5%至0.37及0.42元,維持「跑贏行業」評級。因行業估值中樞有所回落,下調目標價13%至7.29元。
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