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美银证券:体育用品股短期受疫情影响 长期增长趋势将持续
格隆汇 02-11 14:06
美银证券发表报告指,中国体育用品行业自2014年起进入结构性上升趋势,相信新冠肺炎将对行业造成短期波动,不过相信长达数年的增长势头将会持续。
经该行调查,约50%体育用品门市暂停营业,照常营业的门市则缩短营业时间及人流减少,零售销售表现将见压力。往常首季销售约占全年20%。商店去库存亦将影响体育用品企业的批发订单需求,料有关影响自今年次季将显现。
虽然如此,该行仍认为体育用品股长期增长趋势将持续,经历短期波动后将回复双位数增长。该行下调安踏(2020.HK) 、李宁(2331.HK) 及滔搏(6110.HK) 今年每股盈利预测15%,明年预测则下调6%,目标价亦相应下调,安踏目标价自88.6港元降至84.6港元,李宁自31港元降至28.1港元,滔搏则自11.2港元降至10.8港元。
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