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高盛:維持安踏(2020.HK)“買入”評級 目標價84.6港元
格隆匯 01-14 15:21

高盛發佈報告稱,維持安踏體育(2020.HK)“買入”評級,目標價84.6港元。

該行稱,安踏體育旗下安踏品牌零售銷售去年第四季出現同比高雙位數(17至19%)的增長,較第三季的中雙位數(14至16%)增長加快,主要由於期內有雙11活動、折扣更多及農曆新年促銷活動提早。Fila品牌零售銷售去年第四季同比增50至55%,與第三季相近。其他品牌方面,第四季同比有25至30%的增長,較第三季的30至35%放緩。

該行還稱,考慮到冬季温暖的拖累,認為安踏品牌的銷售略為優於該行預期。雖然數基高,但Fila品牌銷售有也優於該行預期,更多的折扣會損害Fila的毛利率,但集團管理層仍預期整體毛利率水平將同比擴張,因Fila的毛利率較高。安踏發行於2025年到期10億歐元零息有擔保可換股債券,集資10億歐元,假設債券悉數轉換,債券將轉換成8212.96萬股換股股份。據該行計算,現有股份增加8200萬股,將產生3%的攤薄影響,影響小於2017年3月配股。假設安踏償還其8.5億歐元的債務,估計2020及2021年可節省1.52億元人民幣的利息支出。

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