美銀證券:首予波司登(3998.HK)“買入”評級 目標價3.75港元
美銀證券發表研究報告,首予波司登(3998.HK)
“
買入
”評級,目標價3.75港元,認為中國外套市場增長快速,利潤亦因品牌升級及其直銷渠道有增長。2020年度受到温暖的冬天和冠狀病毒的影響後,料有快速復甦,至2022年度盈利每年增長有82%。
該行指,公司服飾近年於全球增長快速,而中國客户亦開始將羽絨服飾作為潮流產品,相信未來3-4年,增長可達低雙位數。該行又指,公司將產品改由直營店銷售,其經營利潤由2015年度的3.2%提升至2019年度的13.2%,雖然受暖冬及疫情影響,預期2020年度盈利跌38%至6億元人民幣,若疫情於下一次行業旺季(第三季)前解決,預期盈利可有大幅回覆,2022年度可達20億元人民幣。
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