花旗:維持安踏(02020.HK)“中性”評級 目標價72港元
花旗發表報告表示,出席安踏體育(02020.HK)舉行策略日,公司管理層料今年銷售增長將放緩至20%,對比該行原預期今年增長21%及2019年增長逾35%,主要是來自Fila業務增長已呈適度(約30%),但料來自Fila業務槓桿正面,大致抵銷了因今年奧運年的廣告營銷費用開銷的影響。
該行引述安踏體育管理層料今年EBIT增長放緩至20%,但高於該行原預期增長12%,對比2019年增長45%(此基於公司去年12月初所發盈喜所估算)。
花旗指,安踏體育管理層料旗下Fila品牌銷售增長約30%,一半增長來自新店,餘下增長來自提升店舖的效率,而管理層目標增加Fila今年經典店約100至150間,增加Fila兒童店50至100間,及FILA FUSION店約50間,持續聚焦在內地一線及二線城市,藉開新店及提升效率,料Fila經典店每月平均銷售額達80萬元人民幣、Fila兒童店月均銷售額30萬人民幣、FILA FUSION店月均銷售額36萬人民幣。
該行引述安踏體育管理層估計,公司2018年至2023年銷售複合增長率目標10%至15%,EBIT毛利率擴張及已動用資本收益率可改善。而花旗維持對安踏“中性”投資評級及目標價72港元,相當今年預測市盈率26倍。

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