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《大行報告》瑞銀:安踏(02020.HK)第三季銷售符預期 評級「買入」
阿思達克 10-13 10:37
瑞銀發表報告指,安踏體育(02020.HK)第三季銷售符該行預期,安踏、Fila及其他品牌,按年分別有高單位數、10%至20%低段、以及45%至50%的增長,公司將於本月17日舉行投資者日,預料將詳細解說。 該行認為第三季重點,是零售銷售按月有明顯改善,9月份為第三季最佳月份,而國慶假期增長進一步加快。安踏及Fila庫存對銷售比率約五個月,期內為長假期作準備,因此庫存略高於第二季,但與去年同期的七至八個月比較則有改善,折扣水平維持穩定,下半年因應亞運會令推廣開支上升,但以Fila的審慎開店策略,相信新店推廣開支會少過以往幾年。 在去年第四季的低基數下,管理層對今年第四季增長持正面態度。該行對安踏維持「買入」評級,目標價118元。
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