《大行報告》中金升波司登(03998.HK)目標價至4.55元 旺季銷售暢旺上調全年指引
中金發表報告指,近期與波司登(03998.HK)管理層就經營狀況進行交流,進入銷售旺季以來,公司羽絨服品類保持良好增長,旺季銷售亮眼。受惠於持續提升品牌能力,推出衝鋒衣羽絨服、極寒系列等創新款式,經典款式持續更新疊代,加上去年第四季天氣狀況較為波動,波司登主品牌進入銷售旺季以來,實現良好增長。
管理層預計2024財年波司登主品牌收入有望實現20%以上的按年增長,其中經銷渠道的流水增長略好過自營渠道。目前終端庫存保持健康水平,線下平均折扣八五折至九折,線上低於八五折,按年均有好轉。
該行因應公司良好的銷售表現,將2024及2025財年的每股盈利預測,分別上調3%及4%,目前股價對應2024財年市盈率12倍、2025財年市盈率10倍,維持「跑贏行業」評級,目標價上調10%至4.55元。(cy/w)
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