大行评级丨高盛：上调波司登目标价至5.3港元，2027财年增长展望健康

格隆汇07-14

高盛发表研报指，波司登公布强劲的2026财年下半财年业绩，表现超出市场预期。管理层在分析师业绩简报会上提及，秋冬订货会的增长势头显著改善，产品设计、技术及品类定位展现更多创新，且高端门店与Areal系列已取得显著成果，公司计划未来几年将这一强劲势头转化为门店级别的营运效益。该行进一步指出，集团预期2027财年的整体毛利率将保持相对稳定，其中更严格的折扣管理将成为羽绒服业务毛利率的支撑点。此外，受惠...

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