《大行報告》大和下調安踏(02020.HK)目標價至120元 評級「買入」
大和發表研究報告指,安踏體育(02020.HK)管理層透露,近日各地銷售情況每日都在發生變化,但整體4月份的零售銷售趨勢與3月下半旬相似。按品牌劃分,由於FILA於購物中心及較高線城市佈局較多,因此相對而言安踏品牌的零售額受到的影響較FILA少。
首季末集團有約20%銷售網點受到影響,但管理層表示目前仍未見到有必要在第二季削減訂單。該行指出,安踏的多品牌戰略帶來不同的增長動力,隨著安踏進軍高線城市及產品組合改善,管理層預計撇除封城影響,今年平均售價將可提升超過10%,目標今年將直接面對消費者(DTC)營銷模式的網點佔比提升至75%。對於FILA的經營溢利潤率,管理層認為維持25%至30%為較佳水平,而月收入少於40萬元人民幣的門店預期將會關閉。
大和重申對安踏的「買入」評級,但將目標價從130元下調至120元,2022至2024年每股盈利預測下調2%至3%,以反映銷售去槓桿化的影響。
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