《大行》里昂降波司登(03998.HK)目標價至5.2元 重申「跑贏大市」
里昂研究報告指,毛利率承壓是波司登(03998.HK)2025財年業績其中一個令人憂慮的因素,因批發速度高於零售,銷貨成本上升及產品組合轉型。該行料2026財年毛利率將維持穩定,因羽絨服飾業務有輕微改善;料26財年銷售額及淨利潤分別按年升10%及12%,銷售額將符合指引。該行認爲,羽絨服飾業務的同店銷售和銷量增加,將會是推動收入增長的主要因素。
基於2025財年業績,該行將2026至27財年的銷售額及淨利潤預測分別下調5-8%及3-6%,並將目標價由5.7元降至5.2元;重申「跑贏大市」評級,因其風險回報比具吸引力,26財年股息收益率達7%。
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