《大行報告》匯豐研究升特步(01368.HK)目標價至4.8元 管理層對今年前景持謹慎態度
匯豐研究發表報告指,由於去年下半年需求較預期弱,特步(01368.HK)去年實際純利按年升11.8%至10.3億元人民幣,收入則增10.9%,符合管理層指引及匯豐預測。該行對集團前景保持審慎態度,維持「持有」評級,目標價由4.6元上調至4.8元。
該行表示,特步管理層指引,今年的收入增長最少10%,並有較快的純利增長。基於主品牌利潤率提高、稅率降低及新品牌虧損與去年水平相近,該行預計集團的盈利能力應在今年錄得改善,預計今年收入將會增長13%,淨利潤率由去年的7.2%改善至7.7%,並料今年淨利潤為12.48億元人民幣。
匯豐研究提到,由於集團的業務以批發為主,消費者對運動服裝的需求波動且缺乏可見性,為公司平衡增長和盈利能力帶來更多挑戰。因此,該行認為,在內地運動服裝行業增長有正面上升空間之前,集團盈利的可見度仍將維持較低水平。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.