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《大行报告》瑞信下调安踏(02020.HK)目标价至154元 评级「跑赢大市」
阿思达克 03-25 09:46
瑞信发表研究报告指,安踏体育(02020.HK)去年收入按年增长4.7%,受利息开支增加影响,净利润按年下跌3.4%,稍逊该行预期,但基於更好发展前景,管理层仍上调今年增长指引,将安达品牌增长预测由10%提升至超过15%,并预期Fila可增长超过30%,较早前预测增长20%提升一成。

该行预期,今年安踏将专注於为重塑品牌,预期会推出更多高价产品、提升分店店面效率、增加电商销售渠道及加强於内地发展Descente及Amer两个品牌。公司预期未来五年电商销售收入将增长30%,贡献由25%扩大至42%。瑞信估计,在渗透率提升下,Descente预期今年将增长50%,而Amer的亏损则有望收窄。

瑞信指,在更高的收入及毛利率预期下,将明年盈利预测上调5%,考虑到目前市况,将目标价由164元下调至154元,预期长远而言安踏重塑品牌及提升店铺效率将推动盈利增长,指出现价水平相当於今年预测市盈率25倍,仍属吸引,因此维持「跑赢大市」评级。

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