富瑞:首予6個內地體育用品股評級 首選李寧(2331.HK)及滔搏(6110.HK)
富瑞首次就內地體育用品股發表研究報告,首選李寧(2331.HK)及滔搏(6110.HK),認為兩者透過創新帶動較高回報表現,是行業中的“模範”,予兩者“買入”的投資評級,李寧目標價32港元,滔搏目標價12港元。
富瑞表示,在內地體育品牌當中,李寧及安踏(2020.HK)(評級:“買入”)均能將對的產品在對的時間引入到對的地方,而該行偏好李寧多於安踏,預期李寧持續在零售能力、生產效能及營運槓桿等方面追上。該行預期安踏的FILA品牌明年的增長有機會為市場帶來正面驚喜。
在製造商方面,富瑞表示,申洲國際(2313.HK)(評級:“買入”)近期取得瑜珈品牌lululemon的訂單,料將有助公司未來數年爭取Nike緊身體育服飾訂單。該行亦預計申洲使用率將於明年復升,帶動產能增長加速。短期而言,富瑞預期運動產品訂單情況有望復升。另該行予裕元集團(0551.HK)“持有”的投資評級。
分銷商方面,富瑞指偏好滔搏多於寶勝國際(3813.HK)(評級:“買入”),因滔搏早期已進入新零售市場,而滔搏的效率及執行力有助投資者持續分享到中國內地體育用品市場增長所帶來的價值。該行有信心,滔搏有能力加快銷售增長及利潤率擴張。

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