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《大行》匯豐研究料波司登(03998.HK)冬季銷售成盈利關鍵 升目標價至5.6元
阿思達克 06-30 11:38
匯豐研究發表報告指出,波司登(03998.HK)2025財年淨利潤按年增長14%,符合該行預估;每股股息0.28元,較該行預期高出6%。該行對波司登盈利預測進行小幅調整,並認為其冬季銷售為盈利的關鍵催化劑,將該股目標價由5.2元上調至5.6元,相當於2026財年預測市盈率約13.9倍,股息率達5.8%,維持「買入」評級。 該行認為,雖然波司登對股東回報的首個催化劑已實現,但仍需等待冬季銷售旺季以確認正面盈利動力。該行預測,因羽絨服銷售具有高度季節性,波司登90%的零售銷售額集中在下半年。該行將公司於2026財年收入和淨利潤的預測,由原來的預期增長14.3%及19.7%,下調至增長13.5%與16.6%,分別高於市場預期2%與0.5%。 此外,該行料波司登2026財年經營利潤率(OPM)將按年擴張43點子至19.6%,相對於此前預期為19.3%;調整對其2025至2027財年的淨利潤及收入年均複合增長率預測至14.8%及12.7%。對於2026及2027財年,該行將波司登收入預測分別每年上調0.9%,但淨利潤預測各下調1.6%及1.8%。
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