波司登(3998.HK):2HFY26外部环境波动或影响销售但经营稳健

华泰证券
Mar 10

公司春节期间传统销售旺季收官,但我们预计寒潮不及预期以及竞争加剧影响主品牌旺季销售,同时基于高基数效应、关税政策波动及终端市场需求偏弱或导致OEM 订单波动影响,我们下调FY26-28 盈利预测。但公司经营质量扎实,主品牌在外部环境承压下保持良性的库存及折扣水平,展望后续,我们持续看好公司聚焦羽绒服主航道,时尚功能科技服饰主赛道,以产品创新与品牌引领策略驱动品牌成长,配合渠道精细化与高效供应链管理...

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