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大行評級|摩根大通:上調波司登目標價至6.4港元 維持列入正面催化劑觀察名單
摩根大通發表報吿指出,基於在成都及上海進行的渠道調查與專家交流後,該行更為確信波司登不再只是冬季主題,並認為公司防曬產品跑贏同業,產品覆蓋面更廣及清晰,性能更佳好、量化指標更佳、性價比更高。該行認為,終端市場對波司登防曬產品的反饋正面,表明公司正獲得更多的市場份額,該行料其防曬系列零售銷售將於2024財年增長超過五倍,2025財年增長一倍,銷售貢獻將於2025財年上半年提升15%至20%,相對於2024財年上半年增長約10%。此外,公司的分銷渠道對防曬產品的貢獻不斷提升,產品品類擴張如防曬產品推動客户羣基數擴大,從而進一步拉動冬季羽絨服的銷售。此外,公司持續優化門店營運,提升門店經營效率。該行將波司登2024至2026財年的盈利預測上調0%至2%,重申對其“增持”評級,目標價由5.7港元升至6.4港元,並維持列入正面催化劑觀察名單。
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