特步國際 (1368 HK) 疫情下新品牌發展延後,期待 2021 年新品牌發展 March 25, 2021 224

PSR Recommendation: ACCUMULATE Status: Downgraded
Target Price: HKDHKD4.99

投資概要
特步國際在 3 月 18 日公布公司截至 2020 年 12 月 31 日止年度的全年業績, 公司在
2020 年收入基本持平,為人民幣 81.72 億元(2019 年:人民幣 81.83 億元),與我們
預期相符,全年淨利為人民幣 5.13 億元,同比減少 29.5%(2019 年:7.28 億元),較
我們預期高約 13%,主要由於期內推廣費用的減少。若扣除 2019 年出售附屬公司和
2020 年出售 Supra 品牌的一次性收益,公司 2020 年下半年淨利同比增加 23.9%。公司
宣布派末期股息每股 7.5 港仙,加上中期股息,全年派息比率維持 60.0%。

About the author

Profile photo of Timothy Chong

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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