《大行》大和料特步(01368.HK)下半年營運利潤減弱 目標價微升至7元
大和研究報告指出,特步國際(01368.HK)今年上半年淨利潤按同口徑按年增長6.4%,分別超出該行及市場共識預期19%及17%,主要得益於強勁的營運成本控制,以及專業運動(索康尼(Saucony)及邁樂(Merrell)品牌)業務的營運利潤率超出預期,按年增長6.1個百分點至10%。大和表示,儘管業績超預期,但對特步2025年預測僅作微調,因預計下半年營運利潤率將因季節性因素減弱,同時Saucony在下半年的市場推廣活動(及相關成本)可能增加。
大和認為,特步國際業績中最突出之處在於,儘管2025年上半年收入增長放緩,大眾市場及專業運動部門的營運利潤率仍保持韌性。然而,鑑於下半年產品發布及門店開(包括2025年7月推出的Triumph 23及今年第四季度推出的生活方式產品),該行認為利潤率在2025年下半年難以持續。
大和又認為,特步國際童裝業務將帶來進一步上行潛力,管理層預計,該業務未來可見的增長將超越成人市場。按同口徑計算,該行預測公司2025年盈利增長約5%。
大和對特步國際2025年預測僅作微調,但將2026年每股盈利預測下調2%,以反映核心特步品牌收入增長可能放緩。該行重申對該公司「買入」評級,估值基於不變的12倍市盈率,應用於2025至2026年每股盈利平均值(此前為2025年每股盈利);將12個月目標價從6.6港元上調至7港元。
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