Market Brief

The articles are produced in Chinese only.

Author

袁鉅文先生 (Aman Yuen)
經理

金融經濟系畢業, 從事股票衍生工具投資工作已有十年, 善於技術分析及期權買賣策略.歡迎各位來電交流心得
Phone:
36670666

1368.HK 特步國際

Tuesday, June 12, 2018 Views8374

特步主席丁水波出席股東大會後表示,首季平均同店銷售亦錄低雙位數增長,他表示對全年銷售表現有信心,又指訂貨會已結束,雖然未必直接反映收入,但滿意表現,加上零售終端首季表現超越去年第四季,整體發展勢頭跟之前鎖定的目標及方向一致。

集團2017年的收入下降5.2%至人民幣51.134億元(2016年:人民幣53.966億元)。2017年下半年收入跌幅為2.1%,較2017年上半年8.8%的跌幅有所改善。毛利率連續第五年攀升,上升0.7個百分點至43.9%(2016年:43.2%)。利潤率上升來源於有效精簡業務部門,以及電商收入貢獻增加。普通股股權持有人應佔利潤下跌22.7%至人民幣4.081億元(2016年:人民幣5.279億元)。然而,倘不計因回購產品所產生的一次性回購虧損人民幣1.208億元的影響,普通股股權持有人應佔溢利則約為人民幣5.290億元(2016年:人民幣5.279億元),較去年同期增加約0.2%。每股基本盈利為人民幣18.81分(2016年:人民幣23.89分)。董事會建議並議決宣派末期股息每股4.5港仙。建議派發上市十週年特別股息10.0港仙。

 

集團於2017年對終端零售系統做出了若干重大的變動,圓滿完成了集團的三年戰略轉型。儘管實體零售渠道仍以批發業務模式經營,本集團已通過零售渠道扁平化及激勵特步獨家總代理從批發商變為零售商,全面掌控了整個零售經營。

 

特步在轉型為專業體育時尚品牌後,便致力成為「中國跑者的首選品牌」。2017年,我們總共贊助了40場跑步賽事,共吸引了逾2,000萬人參加,令特步品牌與跑步的聯繫日益緊密。

 

至於早前曾提及的收購計劃,預期今年底前會有結果,集團現金流充裕,收購不會超越公司的承受能力。主席又指,對公司未來發展有信心,未來不排除會繼續增持。

 

 

投資建議

增持

建議時股價

$4.98

目標價

$5.97

止蝕價

$3.95

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
Top of Page
Contact Us
Please contact your account executive or call us now.
Research Department
Tel : (852) 2277 6846
Fax : (852) 2277 6565
Email : businessenquiry@phillip.com.hk

Enquiry & Support
Branches
The Complaint Procedures
About Us
Phillip Securities Group
Join Us
Phillip Network
Phillip Post
Phillip Channel
Latest Promotion
E-Check
Login
Investor Notes
Free Subscribe
Contact Us