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《大行報告》花旗:體育用品行業短期面臨庫存壓力 安踏(02020.HK)強調本季專注於「高質量」增長
花旗發表報告指,在體育用品行業短期面對渠道庫存壓力下,安踏體育(02020.HK)管理層強調第四季集中「高質量」增長,重申今年至2026年安踏主品牌及Fila的零售銷售,達到年均複合增長率10%至15%的目標。該行對擁有多元品牌策略的公司較為正面,因為在宏觀經濟不明朗下,能夠在不同市場分類取得機遇,因此對滔搏(06110.HK)及安踏持正面看法。 該行引述安踏管理層指,第四季天氣出乎預期溫暖,行業短期出現庫存壓力,估計第四季零售折扣按年擴大。該行認為,李寧(02331.HK)積極去庫存的策略,亦對其他品牌造成壓力。安踏管理層對雙11購物節的表現亦沒有太高期望。 該行對安踏持「買入」評級,目標價107.8元,相當於預測今年市盈率30倍。
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