招商證券引述安踏(02020.HK)指8月下半月零售流水恢復 預示9月續復甦
招商證券國際發表報告表示,安踏體育(02020.HK)管理層表示今年7月份流水增長強勁,但由於河南洪水和最近的新冠病例反彈,8月份的增長不及預期。在此期間的線上流水表現符合預期。雖然該行沒有8月份的零售流水的具體數字,但安踏管理層表示8月下半月好於上半月,預示9月零售流水有望繼續復甦。該行維持對安踏「買入」評級及目標價204.5元,相當預測明年預測市盈率38.5倍。
該行指,安踏體育計劃將其產品組合中增加更多高端的產品(主要針對一、二線城市),同時保持其在大眾市場的領先地位。到2025年,集團計劃將安踏品牌中高端產品的銷售貢獻從目前的10%提升至30%。為了實現這一點,安踏品牌將推出更多的專業運動產品。例如安踏將推出安踏冠軍系列,其運動服與國家隊所穿的設計、功能和材料相似,價格將是安踏品牌正常產品的兩倍。
安踏還計劃為女性提供更多的產品。安踏計劃到2025年將女性產品的零售流水從目前的不到50億元人民幣(佔安踏品牌總零售流水的20%-30%)提升至200億元人民幣。總體而言,安踏計劃在未來五年內投入40億元人民幣的研發費用,在日本、韓國、意大利、美國、國內(與清華大學合作)開設研發設計中心,開發更專業的產品。
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