You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
研報掘金丨國信證券:特步國際Q2銷售流水在較高基數上增長良好,維持“買入”評級
格隆匯 07-21 15:21
格隆匯7月21日丨國信證券20日研報指出,特步國際(1368.HK)二季度銷售流水在較高基數上增長良好、庫存保持較好、零售折扣改善。上半年在加盟商積極補單的推動下預計收入和淨利潤實現穩健增長,下半年低基數上盈利能力將會有較大恢復彈性,年末渠道庫存將回歸正常水平。中長期看,特步主品牌堅持大眾定位、深耕跑步領域強化品牌勢能,同時新品牌處於快速成長期,拓展加盟模式有望放量。維持盈利預測,預計公司2023-2025年淨利潤分別為11.5/14.0/16.7億元,同比增長24%/23%/19%,維持目標價11.5-12.5港元,對應2023年23-25x PE,維持“買入”評級。管理層預期主品牌上半年有中單位數補單,收入增長將好於前次指引(前次指引:高單位數),主品牌毛利率提升、廣吿推廣費用率提升(接近11%-13%的上限),綜合來看經營利潤率會提升,淨利潤增長更快。維持全年流水增長20%的指引。
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.
uSMART
Wealth Growth Made Easy
Open Account