特步國際 (1368 HK) 新疆棉事件引起巿場對品牌關注,公司估值折讓收窄 May 10, 2021 55

PSR Recommendation: ACCUMULATE Status: Maintained
Target Price: HKD HKD7.79

投資概要
特步主品牌在第一季的零售銷售額(包括線上線下渠道)錄得約 55%的增長,折扣水
平有所改善。庫存水平按季持續改善,零售存貨周轉期縮短至約 4.5 月,符合我們預
期。持續勝同行的營運表現和新疆棉事件的影響下,公司近期與龍頭體育用品公司的
估值折讓持續收窄。
主品牌 2021 年表現進一步改善 年表現進一步改善
特步國際在 4 月 15 日公佈特步主品牌在 Q1 的營運狀況,主品牌零售銷售增長較去年
同期錄得約 55%的增長,符合我們預期,主要在於去年低基數的原因,若直接對比
2019 年,則錄得中雙位數增長,增長優於同行(安踏 Q1 vs 2019: 低雙位數)。分渠道
計算,線上渠道同比增加 70%,線下渠道同比為 40%增長。零售折扣和存貨周期均有
所改善,零售折扣為 7-7.5 折,零售存貨周轉約為 4. 5 月,按季回復至疫情前的水平。

About the author

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Timothy Chong
Analyst
Research

Timothy Chong received Bachelor’s Degree with first class honor in Banking and Finance from University of Leicester. He is currently studying Master of investment management in Hong Kong Polytechnic University. Before joining Phillip Securities, Timothy worked at BOCOM international and he is equipped with years of experience in the capital market. Timothy is now a licensed research analyst at Phillip Securities and covers Consumer / Property Management sectors.

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