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《大行報告》瑞信輕微下調安踏(02020.HK)目標價至145元 評級「跑贏大市」
阿思達克 03-23 10:30
瑞信發表研究報告,指安踏體育(02020.HK)去年度收入增長39%,較市場預期高3%,並較瑞信預期高出4.5%,主要是受到安踏品牌表現好過預期所帶動;期內淨利潤增長50%至77億元人民幣,亦較瑞信預期高1%。 報告指出,安踏品牌有望實現今年增長目標,但Fila全年增長15%至20%的目標仍存在較高的不確定性,指出近期疫情下內地封城,影響到安踏的線下及線上零售。瑞信預期,門店生產力將是今年安踏及Fila增長的關鍵因素,指出由於庫存及折扣的影響傳導得更快,安踏的經營溢利率去年有所下降,預測安踏品牌今年收入可增長約20%,Fila收入增長則料放緩至17% 由於疫情影響及公司門店擴張較保守,瑞信將2022至2023年每股盈利預估下調 0%至1%,預計安踏的多品牌戰略將支持其長期增長,維持「跑贏大市」評級,目標價輕微從145.59下調至145元。
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