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《大行報告》高盛上調安踏(02020.HK)目標價至129元 評級「買入」
阿思達克 01-12 10:18
高盛發表研究報告,指安踏(02020.HK)去年12月境內銷售疲弱屬意料之內,而早於預期的重新開放,應該會支持集團從今年第二季開始錄得更明顯的反彈。雖然集團2022年第四季的零售額出現負增長,但其內部品牌的庫存水平並未惡化,甚至按季略有改善,另集團的零售折扣亦受控。 該行表示,集團在2023年第一季有高基數,其中安踏核心品牌及Fila去年首季分別按年增長高雙位數及中單位數。該行強調,消費者出行將由2023年第二季開始更正常化,2024年奧運會可能會進一步促進公司的中長期增長。 該行將集團2022年的盈測下調10%,以反映重新開放後的銷售疲弱、去槓桿化壓力以及可能採取的減記庫存措施,但維持2023年的盈測基本不變,又將2024至2026年的盈測上調3%到5%,對運動服裝需求和領先品牌的增長前景保持樂觀。該行維持「買入」評級,目標價從104元上調24%至129元。
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