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《大行》高盛降特步國際(01368.HK)目標價至5.7元 維持「買入」評級
高盛發表研究報告指,特步國際(01368.HK)去年下半年純利低於該行預期3%,主要由於核心品牌銷售低於預期。集團預期2026年收入按年錄中單位數增長,純利率達高單位數。特步品牌方面,管理層預期收入按年正增長,反映對跑步類別增長的信心,但加速線下直營轉型(今年計劃轉型約500間門店,相對去年下半年逾100間)將對銷售及利潤率帶來短期壓力。索康尼品牌方面,公司...
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《大行》高盛降特步國際(01368.HK)目標價至5.7元 維持「買入」評級
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1
 
 

高盛發表研究報告指,特步國際(01368.HK)  -0.270 (-5.649%)    Short selling $35.64M; Ratio 15.983%   去年下半年純利低於該行預期3%,主要由於核心品牌銷售低於預期。集團預期2026年收入按年錄中單位數增長,純利率達高單位數。特步品牌方面,管理層預期收入按年正增長,反映對跑步類別增長的信心,但加速線下直營轉型(今年計劃轉型約500間門店,相對去年下半年逾100間)將對銷售及利潤率帶來短期壓力。索康尼品牌方面,公司對品牌發展前景樂觀,預期今年收入按年增長20%至30%,受惠於產品、渠道及品牌升級,若電商渠道復甦快於預期,增長或有驚喜。

考慮到線下客流疲弱及直營轉型對銷售影響較預期大,加上特步品牌投資增加、今年確認較高員工持股計劃開支及稅率上升,高盛下調特步國際2026及2027年純利預測14%至18%,目標價由6.6元下調至5.7元,對應2026年預測市盈率11倍不變,維持「買入」評級。(ec/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-03-27 16:25.)

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