摩根大通发表研报指，日前与波司登(03998.HK) 管理层举行了一场电话会议，管理层透露2025财年销售指引为增长10%以上，对比此前指引为中双位数(约13%至17%)增幅，符合市场预期，相信是受到积极的销售策略调整所推动，今年首季销售表现稳健。
憧憬集团严格控制营销开支、经营杠杆效用以及有效税率的正常化，摩通相信波司登今年盈利增速应超越销售增速，但由于收入及渠道结构调整，年内毛利率可能会下降，相应将2025至2027财年盈利预测下调1%至3%，目标价从6.6元降至6.1元，维持“增持”评级，仍看好波司登新品类扩展、品牌资产能力增强、灵活供应链及强大执行能力。(gc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-11 16:25。)
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