方正證券：維持特步(1368.HK)“推薦”評級
方正證券發佈報告維持特步國際(1368.HK)“推薦”評級。報告稱，特步國際四季度零售提速，全年維持高增長。通過以下四個方面進行分析：在同店增速方面， 2019Q4同店增速回升，全年同店基本維持低雙位數增速；從營收增速看， 2019Q1-Q4零售增速分別為超20%、超20%、約20%、超20%，四季度零售增速回彈；終端存貨週轉健康，自2018至2019Q4公司零售存貨週轉一直維持4個月左右， 穩定好於2017年約4-5個月的存貨週轉水平；折扣率提升，2019Q1公司產品折扣率維持75折左右， Q2提升至75折至8折左右， Q3略有波動為75折至78折， Q4回升至75折至8折，高於內資龍頭品牌平均水平，説明零售成長並非由低折扣驅動。
該行預計公司運動鞋服趨勢強勁，轉型成效顯著。公司通過2015年以來三年時間改革，產品更專注“跑步類產品”，跑步產品優勢領先。渠道運營更扁平化， 2018年以來，公司門店數觸底反彈，門店運營效率提升，門店面積、店效、提升明顯。在發力線上， 公司專供款佔60%，並打通O2O，線上維持高成長，營收佔比超過20%。
該行還稱，公司2019年開啟多品牌戰略後， 目前已通過五大品牌覆蓋高端跑鞋、户外運動、中高端網球時尚、帆布鞋等多個細分領域。 2019Q1與Wolverine成立合資公司獲得邁樂、聖康尼大中華區運營權，預計品牌自2020起在內地開店。此外2019年5月公司公告投資17.5億人民幣收購E-landFootwear USA已發行所有股份，公司擁有K-Swiss、Palladium、Supra等品牌，收購品牌預計無虧損。
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