安踏體育(02020.HK)：管理層入股Amer Sports股份，彰顯公司對未來信心，維持“買入”評級
機構：東吳證券
評級：買入
投資要點
事件：公司公告向安踏體育四位執行董事（2.67%）、高級管理層團隊成員（0.83%）及紅杉資本（1.13%）、ZWC資本（0.38%）出售所持有的AmerSports5%的經濟利益（無投票權B股，安踏體育投票權不變），並向FountainVest（方源資本）出售所持有的AmerSports0.25%的股權，總計對價1.4億歐元，收購價格與考慮收購費用後安踏收購AmerSports股權作價一致。此次交易後，安踏體育持有AmerSports57.7%的表決權，並且享受52.7%經濟利益。
安踏體育高管自有資金購入AMEAS股權，充分説明管理層對其在中國未來發展的看好；管理層入股進一步綁定利益。安踏體育執行董事丁世忠、賴世賢、吳永華、鄭捷四人將用自有資金出資合計7120萬歐元收購AmerSportsB股。這四位執行董事均對AmerSports的中國區擴張以及整體業務架構調整有直接參與，此次入股能夠進一步綁定管理層與公司的利益。
同時公司高管團隊成員也將合計出資2200萬歐元購買AmerSports0.83%的經濟利益，這些高管團隊成員均將在未來AmerSports的調整及擴張中起到作用。
新的戰略投資者加入，説明外界對安踏收購AMEAS看好的同時，也有望為公司對接更多資源。本次安踏引入的新戰略投資者包括著名的紅杉資本以及專注於消費及TMT的ZWC資本，（1）兩家機構均在中國消費品領域有着豐富的投資經驗和業內資源，其入股後有望為安踏提供建議並對接更多的行業資源。（2）兩家著名基金願意接受沒有表決權的B股，也充分説明了其對安踏收購AMEAS未來前景的看好。
盈利預測與投資評級：從12年領先全行業完成零售改革，到FILA的逆勢高增成為集團新增長極，再到啟動國際化收購AmerSports，安踏作為體育行業龍頭展現出的前瞻性及行動力有目共睹。我們長期看好運動服飾賽道，同時也看好公司作為行業龍頭全方位領先的能力。此次以公司執行董事及高管團隊為主收購AmerSports股權更説明了公司對該業務未來發展的信心。
公司19半年報表現靚麗，Q3流水錶現亦符合公司規劃，我們預計19H2安踏品牌增速快於H1，同時FILA也有望維持50%收入增長，帶動19/20/21年歸母淨利同增39%/26%/21%至57.0/71.8/86.9億元，對應PE32/25/21X，堅定維持“買入”評級。
風險提示：零售遇冷導致同店增長不及預期，展店不及預期，AMERSPORTS收購進展不及預期。
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