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交銀國際:重申安踏(2020.HK)“買入”評級 目標價77港元
格隆匯 03-25 14:16

交銀國際發佈報告稱,重申安踏體育(2020.HK)“買入”評級及目標價77港元。

該行表示,從業績來看,2019年是安踏歷史上最好的一年之一。該行預計公司2020年的盈利增速將放緩至2%,2021年和2022年將分別增長48%和37%。該行稱安踏2019年的強勁業績將持續出現,銷售額增長41%,而淨利潤增長46%(扣除與Amer 相關的一次性/非現金成本後增長30%)。FILA的經營利潤率首次超過了安踏品牌,利潤率以歷史性的速度增長,整體毛利率和經營利潤率增長分別增長2.4和2個百分點。迪桑特在2019年首次實現盈利,該行也預計Amer將推動安踏未來的盈利增長。

該行認為,安踏是最優質的消費行業股票之一,自1月16日以來,安踏的股價已下跌31%,相當於2021年市盈率為16.6 倍。基本面看,銷售已經開始恢復,銷售降幅收窄。公司宣佈將迅速解決其分銷商的庫存和現金流問題,這將有助其於行業整合中獲得份額。

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