大行評級|交銀國際:上調安踏目標價至113.3港元 年初至今銷售表現符合公司預期
交銀國際發表研究報告指,安踏去年業績符合預期,持續提升派息率。至於今年的展望及指引,公司將繼續多品牌全球化戰略。目前主品牌安踏門店模式差異化佈局已顯成效,新型門店店效大幅提升。FILA品牌持續深耕垂類領域的競爭力,提升高級市場和年輕消費羣的滲透。同時,東南亞市場佈局預計進入高速發展階段,並且將加大中東市場的拓展。管理層給予明確的海外拓展目標,即5年內海外業務貢獻達15%。2025全年,公司指引安踏、FILA及其他品牌分別實現高個位數、中個位數及逾30%的增長,總收入高個位數至雙位數增長。
該行指,年初至今,銷售表現符合公司預期,高端小衆品牌之表現與2023年相若。同時,國務院印發之《提振消費專項行動方案》提及多個重點任務預期給予體育用品市場積極支持,該行上調公司盈利預測,目標價由104.28港元上調至113.3港元,維持“買入”評級。
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