大行评级|高盛:微升特步国际目标价至7.1港元 维持“买入”评级

格隆汇
Aug 19, 2025

高盛发表报告指出,特步国际上半年净利润超出该行预测12%,主要得益于其他收入及收益高于预期,而核心业务收入符合预期,毛利率、经常性营运利润率略高于高盛预测。公司重申指引,因基于正向销售增长,预计2025年报表净利润按年增长超过10%,对2025年下半年消费环境持谨慎乐观态度。 该行表示,听取了特步国际的财报简报后,维持对其观点不变。对于特步核心业务,对跑步市场的稳健增长感到鼓舞。对于Saucony品牌,对其长期销售、盈利能力保持建设性看法。该行将其目标价从7港元微升至7.1港元,基于2025年预测市盈率13倍,鉴于风险回报仍具吸引力,维持“买入”评级。

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