Taobo (06110) fell more than 4% in the intraday period. As of press release, it was down 3.2% to HK$5.15, with a turnover of HK$16.652 million.
The Zhitong Finance App learned that Taobo (06110) fell more than 4% in the intraday period. As of press release, it fell 3.2% to HK$5.15, with a turnover of HK$16.652 million.
According to the news, HSBC Research released a research report saying that Taobo will announce the 2024 fiscal year results next month. Since offline sales in the sportswear industry have fallen short of expectations this year to date, the bank lowered its growth forecast for the fourth quarter of fiscal year 2024 to the middle single digit level, compared to the previous forecast of low ten digit (low-teen) growth. As a result, the revenue growth forecast for the 2024 fiscal year was also reduced from 10.4% to 7.5%.
Furthermore, considering the weak channel mix, the bank also lowered the Group's gross margin forecast for the 2024 fiscal year from 42.3% to 42.1%. Based on the above forecast changes, the annual net profit forecast is down 8.7% to RMB 2.201 billion. The bank said that slowing growth may become the new normal, and there is more limited room for market share growth for top international brands. The target price was reduced by 16.7% to HK$5.5.