《大行報告》匯豐研究上調安踏(02020.HK)目標價至198.6元 評級「買入」
匯豐環球研究發表報告指,安踏體育(02020.HK)今年上半年業績強勁,相信反映其2021至2025年的五年計劃初見成功,而安踏品牌再度加快將成下一個催化劑,同時Fila及高端戶外品牌維持強勁增長,重申「買入」評級,目標價由194.2元升至198.6元,此相當預測2022年及2023年市盈率各42倍及34倍。
該行對安踏體育多品牌策略等抱正面態度,認為上半年業績強勁反映五年計劃初見成績,特別是公司的D2C策略,期內相關收入貢獻增至69%,而相關運利潤率則為5%。
另外在高基數下,公司今年上半年線上銷售仍按年增長61%,貢獻集團收入的27%。按品牌劃分,安踏、Fila及其他品牌相關收入分別升56%、51%及90%,中期派息比率亦提升至35%。(el/w) ~
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