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大行評級丨大摩:維持安踏“增持”評級,目標價117港元
格隆匯 03-20 14:46
安踏(2020.HK)去年不包括Amer Sports上市事項等收益的核心盈利爲119.3億元,同比增長16.5%。摩根士丹利發表報告, 認爲安踏多品牌策略及併購,將推動持續增長,維持“增持”評級,目標價117港元。大摩表示,安踏去年下半年經營利潤率疲軟,以及業績公佈後缺乏即時的盈利上調,可能會使該股在短期內橫行整固。然而,該行認爲投資者仍然對買入安踏的關鍵投資論點保持不變,市場對中國消費市場的興趣正在上升。大摩認爲催化劑包括集團第一季度的銷售額增長接近15%。如果實現,大摩認爲市場會積極看待它。安踏推出新業態商店(觀軍、超市)以及FILA在新任CEO領導下推出的新舉措也將成爲市場焦點。大摩認爲公司將繼續擴大市場份額。預計2025年經營利潤率爲22.4%,下降0.6個百分點,由於基數高,預計今年上半年的盈利增長將放緩。
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