《大行》瑞銀微降波司登(03998.HK)目標價至5.87元 籲買入
瑞銀研究報告指,波司登(03998.HK)截至今年3月底止全年度業績符合預期,當中收入按年升11.6%,毛利率跌2.3個百分點至63.8%,主要因較低利潤的代工業務增長、業務結構轉移至利潤較低的防曬服飾、原材料成本波動以及批發業務增長較高。不過,嚴格控制開支及營運效率改善,令營業利潤率升0.3個百分點至19.2%,淨利潤升14.3%,增速高於收入。庫存天數增加3天至118天,但仍維持健康水平;派息率為84%。該行將波司登目標價由5.92元微降至5.87元,基於2026至2028年淨利潤預測下降4%;予「買入」評級。
報告提到,波司登管理層指引2026財年收入增長10%,而淨利潤增長幅度會更高。業務方面,管理層指核心羽絨產品會強調技術創新及時尚前衛設計,防曬服飾不會追求快速增長,更著重質多於量。大型營銷活動將於9月重啟,並會與設計師合作以提升產品價值。另外,集團會繼續關閉低效益門店,並於高端地區擴張。
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