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研報掘金|中金:上調波司登目標價至5.09港元 上調2024至25財年每股盈測
格隆匯 04-22 09:57

中金髮表報吿指,波司登近期召開經營近況交流會,與投資人就業務發展、防曬服品類規劃進行深入交流。得益於公司持續提升的品牌力,創新款、經典款的疊代創新,疊加公司的精細化、數字化經營,羽絨服產品銷售在2024財年較為波動的天氣狀況下實現出色增長,管理層預計2024財年公司收入按年增長約30%,好於此前預期。報吿指,雖然技術升級、員工激勵以及所得税預提對費用端帶來影響,得益於公司較好的費用控制和經營提效,波司登管理層指引2024財年利潤按年增長繼續快於收入。該行預計公司在較快的利潤增長下有望繼續保持較高的股息率表現。另外,管理層規劃2025財年將防曬服產品渠道鋪設數量自此前的不到1,000家提升至1,500家以上,並進一步覆蓋至優質加盟商渠道。

中金指,考慮公司超預期的銷售表現,上調2024和2025財年每股盈利預測各6%和3%至0.26和0.31元,並引入2026財年每股預測0.35元,維持“跑贏行業”評級。估值切換至2025財年,上調目標價12%至5.09港元,相當於2025/26財年市盈率預測14倍及12倍,較目前股價仍有25%上行空間。

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