《大行报告》中金:安踏(02020.HK)在内地销售已恢复至疫情前70% 升目标价至79.85元
中金发表报告表示,重申对安踏体育(02020.HK)「跑赢行业」,上调对其目标价11%至 79.58元,相当预测2021年市盈率24倍,指该股现估值相当今明两年预测市盈率各25.8倍及18.6倍,鉴於公司此前在艰难时刻的韧性,该行看好公司疫情结束後的复苏。
该行指,安踏旗下内地业务4月上半月销售进一步复苏,安踏品牌和FILA品牌销售均已恢复至疫情前70%左右的水平。经营杠杆方面,50%左右的运营费用为可变性质,管理层预计全年人民币口径运营费用将按年持平。此外,公司将加速关闭低效门店。
中金引述安踏管理层表示,相比於批发业务,直营业务在线上线下合作方面更具灵活性,且中高端客户受疫情影响程度小於大众客户。细分来看,安踏成人和安踏童装线下流水均下滑超过20%,但安踏电商流水实现中个位数增长。FILA Classics 和FILA Kids 流水分别按年下滑超过20%和低单位数,但FILA Fusion实现正增长,FILA电商销售按年大增长1.6倍。
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