匯豐研究:體育用品股具長遠增長前景 首予李寧(2331.HK)等三股“買入”評級
匯豐研究發表報告指,儘管內地爆發疫情,但認為體育用品行業仍具長遠增長前景,首予李寧(2331.HK)
、安踏(2020.HK)
及滔搏(6110.HK)
“
買入
”評級,予申洲國際(2313.HK)
“
持有
”評級,但較傾向選擇李寧,認為公司有較好的利潤潛力。
該行認為,健康及時尚將是兩大助力帶動內地體育用品行業增長,認為當地體育用品行業雖受疫情爆發影響而股價顯著向下,但認為疫情只是一次性事件,相信增長故事仍然持續,料2018至2022年相關銷售年複合增長將達14.8%,而估計到2022年內地人均體育用品消費將達290元人民幣。
匯豐研究認為疫情爆發令户外活動減少,料將影響今年上半年的銷售,該行認為李寧毛利最低將受最大沖擊,如上半年其銷售較該行預測低20%,最終2020年淨利預測或需要下調26%。雖然公司現時面對最大的下行風險,但仍為該行傾向選擇的股份,因為認為公司的利潤勢頭有望持續,予目標價32.5港元。
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