《大行報告》大摩:寶勝(03813.HK)10月銷售跌4% 或預示中國體育用品行業前景黯淡 料明年競爭加劇
摩根士丹利發表研究報告指,今年首三季中國體育用品銷售額按年增長12%,第三季增長則從第二季的20%,回落至8%,與名義經濟增長放緩步伐一致,相比之下寶勝國際(03813.HK)第二季銷售額按年增長17%後,第三季已錄得約1%的按年跌幅,至10月份跌幅更擴大至4%。
該行指出,銷售放緩主要由於整體市場表現疲軟,預計行業第四季前景黯淡,增長預測可能要向下修正,明年首季部分大型品牌或零售商增長更可能乏力甚至錄得輕微下滑的情況。
寶勝10月份銷售表現疲軟,以及安踏(02020.HK)、李寧(02331.HK)等致力通過低線城市擴張來推動增長,大摩指出此反映明年行業競爭或將趨向激烈,目前仍認爲中國體育用品行業的估值具吸引力,長期增長空間巨大,但短期而言未來6至12個月前景則具不確定性。
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