《大行報告》野村上調安踏(02020.HK)目標價至205.1元 評級「買入」
野村發表的研究報告指,安踏體育(02020.HK)發盈喜,料上半年經營溢利將增不少於55%,計算分佔合營公司溢利將增不少於110%,公司解釋主要是受惠各個品牌零售銷售強勁反彈,集團收入增長50%,另外上半年由於折扣較少故毛利率亦較高,零售擴張亦提升了經營效率,加上來自Amer JV的分佔虧損由去年同期的7.19億元人民幣(下同)大幅收窄至約4億元。
該行引述安踏管理層指,儘管6月份廣東省爆發疫情帶來了負面影響,不過今季以來零售銷售維持強勢,該行將2021財年收入預測提升至按年增40.4%,意味下半年銷售及淨利增長將分別爲30%及41%,主要考慮到次季電商渠道增長勢頭持續穩健,加上受惠與王一博於4月尾籤代言合約後,客戶基礎特別是Z世代及消費力較高的白領增加,另外國際品牌銷售維持呆滯。
該行指出安踏品牌折扣跌至20-25%的歷史低位,而FILA品牌則回覆至疫情前水平,管理層指出已轉換至DTC模式的安踏店鋪經營利潤率高於與期,較該行亦將其2021至2023年毛利率預測升0.2-0.5個百分點。
野村認爲本地運動行業獲重估,認爲安踏有潛在重估機會,因爲管理層於投資者日應會談及加強品牌定位、核心品牌等的策略,繼續欣賞公司的多品牌模式,相信中長期市場份額將提升,將公司目標價由180.2元升至205.1元,評級維持「買入」。(el/w) ~
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