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一文了解大行於安踏(02020.HK)公布中期業績後最新目標價及觀點
阿思達克 08-25 11:23
安踏體育(02020.HK)公布中期業績後,今早股價捱沽,盤中曾低見157.1元一度下挫8.2%,最新報160.7元跌6.1%。瑞信引述安踏公司管理層指第三季至今所有趨勢均低於增長預期。該行重申對行業短期謹慎看法;花旗指,安踏上半年純利高於原先指引7%,但公司上半年EBIT增長僅64%,大幅跑輸同業李寧(02331.HK)同期EBIT增長1.8倍,隨著李寧將會在9月6日晉身成恆指成份股,估計部份投資者會進行「換馬」,維持對安踏「沽售」評級。 安踏昨(24日)中午收市後公布今年中期業績,營業額按年升56%至228.12億元人民幣,純利按年升1.32倍至38.4億元人民幣,每股盈利1.4277元人民幣,每股中期息60港仙,上年同期派21港仙。期內毛利按年升73%至144.08億元人民幣,經營溢利按年升64%至59.05億元人民幣,整體毛利率按年增6.4個百分點至63.2%。按品牌劃分,上半年「安踏」品牌收入按年升56%至105.78億元人民幣,「FILA」品牌收入按年升51%至為108.27億元人民幣,「安踏」品牌毛利率升11.2個百分點至52.8%,「FILA」品牌毛利率上升1.8個百分點至72.3%。 【績後股價挫 指引趨審慎】 瑞信指,因為7月內地新冠疫情反彈及河南省洪水事件影響,安踏7月及8月的零售銷售增長放緩,公司管理層亦指第三季至今所有趨勢均低於增長預期。該行重申對行業短期謹慎看法,並等待第四季的催化劑。該行維持對安踏盈利預測及目標價213元不變,又指安踏仍為體育用品股首選,基於公司在新品牌的強勁執行力及「Amer」品牌扭轉弱勢。 摩根大通指安踏上半年盈利升1.3倍優於市場預期,預計安踏今年下半年純利按年升22%,基於銷售按年升31%預測,當中「安踏」及「FILA」品牌銷售料均上升30%。此外毛利率料按年增長,受惠「FILA」折扣表現改善、「安踏」品牌直銷轉型及其他品牌發力。該行亦預期「安踏」經營溢利率下跌,因廣告推廣投資增加,但其他品牌經營溢利率將受惠經營效益提高得以改善。「該行上調對安踏目標價由200元至204元,維持「增持」評級。 -------------------------------------------------- 本網最新綜14間券商對其投資評級及目標價,5間券商上調目標價,2間券商下調目標價,12間券商給予「增持」、「買入」、「跑贏大市」或「跑贏行業」評級。 券商│投資評級│目標價(港元) 中金│跑贏行業│219.92元 瑞銀│買入│206元->217元 高盛│買入│215元 瑞信│跑贏大市│213元 招銀國際│買入│212.74->210.85元 美銀證券│買入│200元->210元 大和│買入│210元 建銀國際│跑贏大市│195元->205元 野村│買入│205.1元 摩根大通│增持│200元->204元 摩根士丹利│增持│203元 匯豐環球研究│買入│194.2元->198.6元 中銀國際│買入│197.6->195.7元 花旗│沽售│59元 券商│觀點 中金│上半年各品牌高質量增長,鞏固行業領導地位 瑞銀│中期盈利勝盈喜,安踏品牌加速計劃上軌道 高盛│長線前景佳,但對第三季銷售謹慎 瑞信│次季強勁增長持續,指引維持不變 招銀國際│對下半年毛利率看法審慎 美銀證券│中期業績如預期強勁,為具質素長期核心持股 大和│新興品牌盈利能力穩定,進入快速增長階段 建銀國際│下半年展望樂觀,仍為行業首選股 野村│對長期毛利率改善看法正面 摩根大通│維持短期及長期指引,下半年廣告及推廣投資增加,中期盈利勝預期 摩根士丹利│中期經營溢利率勝預期 匯豐環球研究│直銷及多品牌策略支持未來增長 中銀國際│新增長引擎可令增長持續 花旗│「FILA」品牌下半年更明顯放緩
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