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《大行報告》高盛下調安踏(02020.HK)目標價至112元 次季經營符預期
阿思達克 07-19 09:46
高盛發表報告,指安踏體育(02020.HK)公佈第二季最新經營狀況,安踏品牌及Fila分別錄得高單位數及高雙位數增幅,均符合最近下調的市場預期;而Descente及Kolon零售額則按年分別增長60%至65%,以及95%至100%,表現持續強勁。 高盛表示,管理層向投資者強調現時庫存對銷售比率健康,折扣率已回穩,並維持安踏品牌及Fila雙位數增長指引。 該行表示,考慮到5月至7月初市場銷售疲軟,相應下調全年安踏品牌及Fila的銷售增長預測,但當中部分預期會被Descente及Kolon的增長所抵銷,同時亦看好利潤率料保持穩定。 基於最新經營數據,高盛將安踏2023至2026年盈測下調介乎1%至11%,預期上半年安踏可在中國運動服飾品牌中引領增長,上半年銷售額及淨利潤料按年增長14%及25%,維持「買入」評級,目標價則由125元降至112元。
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