波司登(03998.HK):業績再創新高,繼續着力品牌建設,維持“買入”評級,目標價:3.44 港元
機構:國元證券
評級:買入
目標價:3.44 港元
投資要點
羽絨服繼續引領收入增長,今年將打造“效率年”
公司 2019/20 財年收入同比上升 17.4%至約人民幣 122 億元;毛利率同比上升1.9個百分點至約55.0%;公司權益股東應占溢利同比上升22.6%至約人民幣 12.03 億元。1、收入增長情況符合我們此前預期。品牌羽絨服業務依舊保持主導,佔比由上一財年的 73.7%提升至 78%,同比增長24.2%。OEM 收入則同比增長 17.8%,女裝業務下跌 18.2%,也基本在預期波動範圍之內。2、毛利率上升 1.9%則超過我們的預期,主要系品牌羽絨服業務的毛利率增加 2.4%所致,其中波司登品牌毛利率提升了2.8%。3、公司今年將着力打造“效率年”,力爭以更低的成本,獲取更好的品牌建設。我們認為,公司未來盈利的增長關鍵就在於是否可以強化品牌定位,抓住消費者心智,逐漸樹立中高端品牌形象。
庫存週轉受到疫情影響,運營情況在可控範圍內
庫存方面,總額同比增長 41.2%至 27.26 億元,週轉天數達 155 天,較去年增長28天,其中24天主要是受到春節後到3月 31日的疫情影響。應收週轉天數 33 天,比去年減少 2 天,保持穩定。應付週轉天數增長35 天,由於獲得供應商提供的 90 日信貸期,且票據支付比例加大。總體來看,疫情之下,庫存有所增長,經銷商渠道需要時間消化終端庫存,全年來看若不出現疫情反覆,下個財年有望恢復此前的水平。
維持“買入”評級,給予目標價 3.44 港元
綜合來看,公司此次業績繼去年突破百億之後再創新高,盈利能力強勁,我們持續看好公司進一步提升品牌定位,優化渠道,帶來量和價的增長,推動業績增長。我們認為短期疫情並不影響品牌未來的成長,我們仍看好公司長線的品牌成長。預計公司 FY2021/2022/2023 的 EPS 分別為0.12/0.15/0.17元, 參照行業可比公司平均估值 (26.87 倍) ,給予FY2021年24.9倍PE,給予公司目標價至3.44港元,維持“買入”評級。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.