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公司股价已超过前期目标价5.3港元,公司未来三年仍以开拓国内市场为主,是中国体育运动用品市场上唯一可匹敌国际竞争者的本土品牌。我们调高06、07年盈利预测3.6%和6.7%,05年维持不变。目标价相应由5.3港元提高至5.6港元,长线目标价6.2港元,投资评级由“买入”下调至“中性”,建议长线投资者逢低“收集”。
The Company’s share price has surpassed its previous target price of HK $ 5.3. The Company is still mainly exploring the domestic market for the next three years and is the only domestic brand in the Chinese sporting goods market that can compete with international competitors. We revise up our 2006 and 2007 earnings forecasts by 3.6% and 6.7%, respectively, and remain unchanged in 2005. The target price has been raised from HK $ 5.3 to HK $ 5.6 and the long-term target price of HK $ 6.2. The investment rating is lowered from “Buy” to “Neutral” and long-term investors are advised to bargain “to collect”.