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《大行報告》海通國際降特步(01368.HK)目標價至7.7元 下調盈測
阿思達克 01-30 10:16
海通國際發表報告指,特步(01368.HK)主品牌庫存下降至合理水平,2024年大眾運動價格帶有所下調以獲取市場份額。特步主品牌2023年第四季全渠道流水增長超30%,線下好於線上,童裝快於大貨,全年流水增長超20%。維持「優於大市」評級,目標價由10.2元下調至7.7元。 海通國際預期, 2023年特步主品牌收入增長7.3%。目前特步主品牌庫銷比已回落至4至4.5個月的健康 水平,且2022年秋冬庫存產品已清理完成,2024年輕裝上陣,收入與流水增速有望匹配。 海通國際預期,特步國際2023至2025年收入分別為143億、159.1億及176.5億元人民幣,按年增長10.6%、11.2%及10.9%,較之前預期分別下調7%、11%及15%,主要因為運動鞋服行業整體降速,其 他品牌收入快於特步主品牌。2023至2025年淨利潤預測分別為10.1億、12.3億及15.2億元,按年增長9.6%/22%/23.3%,較之前預期分別下調11%、13%及15.6%。
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