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《大行报告》高盛:Nike季绩胜预期 显示内地体育用品业复苏 看好李宁、滔搏、安踏及宝胜
阿思达克 09-23 14:35
高盛发表的研究报告指,Nike首财季净利及收入表现均胜预期,受惠数码渠道复苏内地市场录双位数增长,公司亦会继续推出创新产品,而库存水平亦逐步正常化。

该行指出大中华市场收入增长重新加快至8%,与团队预测一致,而线下人流亦接近去年同期的水平,尽管正价产品销售增加,管理层估计受「双十一」影响之後的季度将有更多折扣,该行认为Nike在内地增长强劲,反映内地体育用品消费复苏,亦利好其他体品品牌及零售商。

高盛认为李宁(02331.HK)定位最理想,可受惠品牌势头、库存压力减、定价较好及成本具效益等好处,另外亦予滔博(06110.HK)及宝胜国际(03813.HK)「买入」评级,相信可受惠Nike强劲的品牌势头及O2O策略,安踏体育(02020.HK)则相信Fila品牌强劲可带动公司下半年的销售复苏。

该行指出截至8月底Nike的库存按年升15%,但相关水平较5月底时有所下降,相信到末季度库存将回复正常,该行重申予申洲国际(02313.HK)「买入」评级,看好长远市场份额提升,而九兴控股(01836.HK)品牌及产品组合亦料有改善。

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