《大行報告》高盛確信買入換馬李寧(02331.HK) 上調安踏(02020.HK)目標價
高盛發表研究報告,指相信中國代工生產企業的復甦步伐將會落後於其他中國消費品牌。該行繼續視運動服飾為消費品類別,看到有短期內逐步復甦的軌跡,以及長期結構性增長的潛力。因此,該行的確信買入名單中將申洲國際(02313.HK)換為李寧(02331.HK),喜歡李寧是純中國企業,具有穩健的品牌勢頭,更整潔的庫存,以及穩步增長毛利率,並維持安踏(02020.HK)「買入」投資評級。
在企業積極管理庫存、不斷推出新產品及結構性增長的支持下,該行繼續預期今年第二季零售銷售表現將逐步改善,並從第三季起恢復增長。然而將申洲國際2020至2022年的盈利預測下調1%至20%,以反映國際需求疲弱。
雖然該行最初預期今年首季的影響將會較少,因為訂單通常提前一季,但自從3月份起美國及歐洲很多城市的封鎖措施,或導致發貨延誤甚至取消,導致銷售不及預期。在短期內充滿挑戰的需求衝擊下,所有品牌都採取進取的庫存及訂單控制,尤其是在下半年。因此,認為代工生產企業的復甦步伐將會落後於其他中國消費品牌。
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