招商證券國際:Nike在內地部份市場被國產品牌奪取 料「國潮」趨勢明年持續
滔搏(06110.HK)今日股價受壓,但李寧(02331.HK)、安踏(02020.HK)及特步(01368.HK)股價各升4.5%、5.3%及4.3%。招商證券國際發表報告表示,耐克(Nike)(NKE.US)公佈了其2022財年二季度(即截至2021年11月30日止的3個月)業績,總營收按年增長1%,淨利潤按年增長7%至13億美元,2022財年二季度中國區營收按年下降24%(剔除外匯影響),2022財年第二財季度息稅前利潤按年下跌36%,這意味着中國區的EBIT利潤率繼續下滑,中國區貢獻耐克16.2%的營收和36.6%的息稅前利潤。
該行指,由於供應鏈問題(東南亞工廠受到疫情拖累),耐克延遲了部分新品的上市時間,影響到了全球範圍內的銷售,其中也包括中國。此外,由於缺乏新產品,耐克不得不銷售價格較低的舊產品,也因此拉低了銷售的按年增速。考慮到國產品牌2021財年三季度的流水增速以及其第四季度的流水增速指引(即按年增長約20%),耐克應該已經丟失了市場份額。儘管如此,管理層表示耐克在「雙十一」期間受到消費者的追捧,但該行認爲主要是耐克的折扣力度高於國內品牌。
招商證券國際料在內地體育用品行業下「國潮」趨勢將持續,該行預計無論各國政治關係如何發展,國際品牌(包括耐克和阿迪達斯)在內地都將因「國潮」而面臨激烈競爭。該行維持安踏、李寧和特步的「買入」評級。
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