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《大行報告》瑞信下調裕元(00551.HK)目標價至11元 評級「跑輸大市」
瑞信發表研究報告指,雖然見到市場出現早期復甦跡象,但預計今年國際品牌的增長仍將較國內品牌慢,消費結構改變的趨勢將長期持續。該行預計,今年安踏(02020.HK)將增長十數個百分點,而李寧(02331.HK)及特步(01368.HK)料增長20%至25%;國際品牌方面,料Adidas增長16%,Nike則在2023財年可增長20%。 報告指出,寶勝國際(03813.HK)去年11月收入按年跌30%,跌幅較9月及10月份有所擴大,銷售渠道顯示12月上半月市場需求仍然疲軟。 瑞信認爲,臺灣OEM生產商11月表現有所恢復,但由於零售業務前景疲軟,需求低迷,加上供應鏈中斷可能導致成本上升,維持裕元(00551.HK)「跑輸大市」評級,目標價由14.7元下調至11元。
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