《大行》里昂降波司登(03998.HK)目标价至5.2元 重申“跑赢大市”

阿斯达克财经
04 Jul

里昂研究报告指,毛利率承压是波司登(03998.HK) 2025财年业绩其中一个令人忧虑的因素,因批发速度高于零售,销货成本上升及产品组合转型。该行料2026财年毛利率将维持稳定,因羽绒服饰业务有轻微改善;料26财年销售额及净利润分别按年升10%及12%,销售额将符合指引。该行认为,羽绒服饰业务的同店销售和销量增加,将会是推动收入增长的主要因素。
基于2025财年业绩,该行将2026至27财年的销售额及净利润预测分别下调5-8%及3-6%,并将目标价由5.7元降至5.2元;重申“跑赢大市”评级,因其风险回报比具吸引力,26财年股息收益率达7%。(ss/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-03 16:25。)

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