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富瑞:安踏(2020.HK)對上半年零售銷售達標具信心 續籲“買入”
格隆匯 05-20 14:28

富瑞發表研究報告表示,安踏體育(2020.HK)管理層指出4月份零售銷售按年跌幅較3月有所收窄,並維持今年零售銷售指引。該行對“FILA”的復升及“Arc'teryx”於中國市場的長期增長保持樂觀,因此續予其“買入”評級,目標價83港元。

富瑞稱,管理層有信心可實現上半年的銷售目標,即“安踏”品牌零售銷售料按年下跌,“FILA”品牌則按年持平或有輕微增長,並目標於下半年所有品牌零售額都可實現正增長。上半年已確定收入方面,由於庫存回購及退貨,“安踏”品牌收入或會大跌,同時上半年利潤跌幅可能會較收入大。

該行又指,第二季至今的折扣較首季有改善,主因是顧客流量增加令公司有更多空間可作原價銷售。另外,線上銷情優於線下渠道,安踏將計劃在6月就線上渠道提供更多季節性優惠。至於去庫存仍是關鍵,目標在上半年底將“安踏”品牌的庫存水平進一步降至5-6倍;“FILA”品牌則降至6-7倍,並預期渠道庫存將於今年底回覆正常。

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