《大行報告》瑞信下調滔搏(06110.HK)目標價至6.3元 評級「中性」
瑞信發表研究報告,對滔搏(06110.HK)維持「中性」評級,指出滔搏作爲擁有良好往績的中國體育用品零售龍頭,看好其與現有客戶進一步改善渠道方面的潛力。
公司早前宣佈與李寧(02331.HK)達成品牌合作,瑞信表示,期望見到未來與更多國產品牌有進一步合作,料有助釋放隱藏價值。
該行指出,滔搏過去幾年持續改善線下門店網絡,目前大型門店經營溢利率較小型商店高出數個百分點。瑞信將2022至2024年收入及淨利潤預測上調0%至3%,並將每股盈利預測上調約3%,預計2022至2024年收入及淨利潤年複合增長率將分別達到13%及18%,目標價則由8.4元降至6.3元,對應2022至2023年預測市盈率約11倍(之前爲14倍)。
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