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《大行報告》美銀證券降滔搏(06110.HK)目標價至7.9元 下調盈測反映較低毛利率
美銀證券發表研究報告指,滔搏(06110.HK)截至11月底止第三財季的表現符合預期,零售銷售額增低雙位數。該行指,集團的營收增長優於最接近的同業寶勝國際(03813.HK),並領先Nike(NKE.US)和Adidas在大中華區第三季的收入平均增長。該行分別下調集團2024至2025財年的每股盈測6%,以反映來自品牌支持正常化後較低的毛利率,又調低目標價5%,由8.3元降至7.9元,惟重申「買入」評級。 該行表示,截至11月底止第三財季的總零售收入增長回覆到2019年水平的80%至85%。直營零售渠道增長率高達10%或以上,是由標價上漲、折扣收窄和銷量增長逾10%以上所帶動。集團在過去六個季度下滑後恢復了經營樓面擴張,上季增加0.5%的建築面積,惟仍按年下降1.7%。庫存水準按季持平,但按年跌雙位數。庫存與銷售比率維持在四個月以下的健康水平。
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