大和:下調安踏(2020.HK)目標價至87港元 評級“買入”
大和發表的研究報告指,安踏體育(02020.HK)早前於深圳舉行投資者日,安踏及Amer Sports的管理層共同公佈未來發展策略及Amer的業務目標,該行認為公司正進入新一輪的轉型及增長,隨着Amer的收購完成,公司在波士頓諮詢公司的協助下整理其五年增長策略,包括是將業務自批發主導轉向零售層面,以發展其紡織品業務。另外亦會更聚焦於體育生活休閒產品,並加快在內地市場的發展,展望將來管理層目標是將三大品牌包括是Salomon、 Arcteryx及Wilson發展成10億歐元的業務,將直營渠道拓展成10億歐元規模,以及將中國市場規模拓展至10億歐元。
總體而言,管理層估計Amer的淨銷售於未來4-5年的年複合增長可達10-15%,並期望直營渠道收入佔比可達三成,而紡織品收入佔比則可逾五成,此外亦期望中國市場銷售可有四倍增長,當中Amer的收入佔比約為15%。
該行重申對安踏“買入”評級,併為行業首選,相信公司多品牌組合可助增加市場份額,但就將公司2019-20年每股盈測下調3-10%,以反映合營盈虧方面的影響,目標價由90港元降至87港元。該行相信公司收購Amer後可進一步鞏固於內地市場的領導地位,並助公司國際化。

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