安踏體育 ( 2020.HK)：安心萬里徵，踏歌繼前行，給予“增持”評級
機構：國泰君安
評級：增持
本報告導讀：
主品牌安踏穩居國產運動品牌市佔率第一，FILA高速增長，收購Amer如虎添翼，多品牌協同孵化，宣傳和科研優勢鞏固，首次覆蓋給予增持評級。
摘要：
首次覆蓋給予增持評級。伴隨國內體育消費旺盛和奧運會週期臨近，公司有望依託渠道、品牌、科技、宣傳和供應鏈等方面優勢進一步提升市場份額，成長為世界級多品牌體育用品集團。預計2019-2021年EPS為2.33/2.89/3.53港元，同比增長38%/24%/22%，給予2019年約35倍PE，目標價82.21港元，首次覆蓋給予增持評級。
運動行業進入黃金週期，龍頭公司核心壁壘鞏固，本土品牌話語權提升。中國體育產業步入快速增長通道，2015-2018年我國運動服飾市場CAGR高達12.6%。政策扶持+時尚化擴容+運動消費提升，將持續為行業增長提供動力。受益於產品的科技壁壘和品牌規模優勢，龍頭公司市場佔有率進一步提升。國產品牌憑藉本土化優勢，從品牌、產品、營銷、供應鏈等多方面進行優化改善，掌握一定的主動權。
安踏市場地位鞏固，FILA強勁增長，多品牌協同孵化共創價值。主品牌安踏憑藉高性價比的產品、不斷精進的科研優勢和體育明星及賽事營銷，多年來穩居國產運動品牌市佔率第一名。線下門店形象推陳出新，渠道數量穩定增長，2019H1達到10233家。FILA專注運動時尚，精準定位，以直營形式迅速擴張，收入保持高速增長。旗下多個品牌差異化經營，定位不同年齡層次、價格段和細分領域。完整的多品牌譜系使得公司有效賦能各品牌，最大化協同效應，發揮規模優勢。
從優秀到卓越，前進永不止步。公司借鑑國際龍頭髮展經驗，將宣傳推廣和科技研發二者有機結合，鞏固競爭優勢。與中國奧委會長期深度合作，把握奧運契機代表中國出征，提升品牌知名度。堅持原創設計，強化研發資源，加大技術創新，以滿足消費者日益變化的需求。全球化戰略開啟，收購Amer，強強聯手，進一步豐富高端陣容。搭建系統化共享平台，形成孵化器優勢，助力各品牌的互利共贏。
風險提示：新品牌運營不及預期，線下渠道拓展不及預期，體育消費波動風險。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
