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《大行报告》招商证券:Nike季绩亮眼 预示内地运动服饰行业需求强劲
阿思达克 12-23 14:48
招商证券发表的报告指,Nike(NKE.US)公布截至11月底的季度业绩,期内整体收入按年增长9%,净收入按年升12%,而公司来自中国的收入按年增长24%至23亿美元,若不计汇率影响则升19%,占总收入的20.4%,而期内息税前利润同比增长28%,反映中国区利润率出现扩张。

该行指出今年上半年,中国业务营收按年增长14%,而公司第二财季在中国的营收首次突破20亿美元大关,并指出双十一期间其线上收入超过5亿美元,在运动品牌排名第一,并在天猫取得最高的流量。该行认为Nike线上销售势头强劲证实了其观点,即是Nike於中国的大型分销商宝胜国际(03813.HK)11月销售额下跌的原因是其线上业务规模较细,而非整体需求疲软。

该行认为尽管Nike预计欧洲和北美部分地区将实施新一波与新冠疫情相关的限制措施,但其仍将21财年收入增长指引从高个位数增长上调至低双位数增长。公司更指无法满足来自中国的全部需求,故认为消息对整个中国运动服饰行业来说是正面,意味Nike继续预期中国业务将有强劲增长。

总体而言,该行预计2021年中国运动服饰行业将按年增长15%至20%,这与Nike的指引一致,如果Nike能将其在2020年上半年的中国收入41亿美元维持到下半年,将对应实现22%的年增长率。该行维持对中国运动服饰行业的乐观看法。维持安踏(02020.HK)的买入评级,目标价为131.1元;维持特步(01368.HK)的买入评级,目标价4元,对李宁(02331.HK)的评级为中性,目标价46.7元。

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