高盛:升安踏(2020.HK)目标价至71港元 评级“买入”
高盛发表的报告指,维持对安踏体育(02020.HK)增长势头看法正面,认为公司品牌组合等可推动持续增长及效益改善,将公司2019-2021年盈利预测升4-7%,目标价由67.2港元升至71港元,评级“买入”,相信下半年净利增长可由上半年的28%加快至45%,主要受惠Amer Sports贡献正面、Fila及安踏品牌经营利润增长带动。

该行指出,今季以来核心品牌安踏增长较次季快,而Fila品牌则按年增长50%,虽然上半年受产品升级投资及向分销商回赠等拖累,毛利率表现稍逊该行预期,但盈利增长仍高於销售增长。管理层在分析员会议上亦指出,期望长远Amer Sports年复合增长可达10-15%,而上半年公司重组品牌定位相信可带动协同效应及经营效益。
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