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汇丰研究:体育用品股具长远增长前景 首予李宁(2331.HK)等三股“买入”评级
格隆汇 02-07 11:46
汇丰研究发表报告指,尽管内地爆发疫情,但认为体育用品行业仍具长远增长前景,首予李宁(2331.HK) 、安踏(2020.HK) 及滔搏(6110.HK) 买入 ”评级,予申洲国际(2313.HK) 持有 ”评级,但较倾向选择李宁,认为公司有较好的利润潜力。
该行认为,健康及时尚将是两大助力带动内地体育用品行业增长,认为当地体育用品行业虽受疫情爆发影响而股价显著向下,但认为疫情只是一次性事件,相信增长故事仍然持续,料2018至2022年相关销售年复合增长将达14.8%,而估计到2022年内地人均体育用品消费将达290元人民币。
汇丰研究认为疫情爆发令户外活动减少,料将影响今年上半年的销售,该行认为李宁毛利最低将受最大冲击,如上半年其销售较该行预测低20%,最终2020年净利预测或需要下调26%。虽然公司现时面对最大的下行风险,但仍为该行倾向选择的股份,因为认为公司的利润势头有望持续,予目标价32.5港元。
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