波司登 (3998 HK) 全國普遍提早入冬,下沉巿場消費力持續釋放 January 15, 2021 124

PSR Recommendation: ACCUMULATE Status: Downgraded
Target Price: HKDHKD4.50

投資概要
公司於 1 月 5 日公佈 2020/21 財年前九個月(2020 年 4 月至 12 月) 的零售表現,品牌羽
絨服業務中,按零售額計算,核心品牌波司登同比增加 25%,而其他品牌則同比增加
40%+。
公司品牌羽絨收入上升,其他業務收入減少
公司羽絨服主業務零售額增速勝我們的預期,受年初疫情影響下,庫存積壓等潛在問
題令我們對公司年度收入較有保留,但今年全國多地提早入冬,加上公司在折扣管理
上控制妥當,在上半財年已消化疫情所帶來的不利影響。在第三財季的增速更是較
2020/2021 財年上半年有顯著的提升,在公司的中期業績報告中顯示,公司上半財年波
司登/其他品牌羽絨服營收增速分別為 19.7%/2.58%,公司第三財季來自羽絨服收入增
速有顯著提升。

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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