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《大行报告》高盛确信买入换马李宁(02331.HK) 上调安踏(02020.HK)目标价
阿思达克 05-04 14:41
高盛发表研究报告,指相信中国代工生产企业的复苏步伐将会落後於其他中国消费品牌。该行继续视运动服饰为消费品类别,看到有短期内逐步复苏的轨迹,以及长期结构性增长的潜力。因此,该行的确信买入名单中将申洲国际(02313.HK)换为李宁(02331.HK),喜欢李宁是纯中国企业,具有稳健的品牌势头,更整洁的库存,以及稳步增长毛利率,并维持安踏(02020.HK)「买入」投资评级。

在企业积极管理库存、不断推出新产品及结构性增长的支持下,该行继续预期今年第二季零售销售表现将逐步改善,并从第三季起恢复增长。然而将申洲国际2020至2022年的盈利预测下调1%至20%,以反映国际需求疲弱。

虽然该行最初预期今年首季的影响将会较少,因为订单通常提前一季,但自从3月份起美国及欧洲很多城市的封锁措施,或导致发货延误甚至取消,导致销售不及预期。在短期内充满挑战的需求冲击下,所有品牌都采取进取的库存及订单控制,尤其是在下半年。因此,认为代工生产企业的复苏步伐将会落後於其他中国消费品牌。

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