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《大行報告》瑞信:安踏(02020.HK)缺乏短期催化劑 評級降至「中性」
阿思達克 07-13 10:35
瑞信發表研究報告指,受疫情影響,安踏體育(02020.HK)今年上半年分店因此暫停營業,庫存增加,期內推出促銷折扣,預期上半年收入將按年下降6.5%,安踏品牌零售銷售首季或下跌20%至25%,並於次季跌約10%至15%,而FILA品牌則有望由第一季的單位數跌幅,回復至第二季的單位數升幅。

該行指,安踏下半年大型促銷活動可能持續,折扣幅度可能較2019年增加3至5個百分點,主要由於公司總體庫存水平仍然較高,加上第一季庫存回購將推至第三季度進行銷售;以及國際品牌庫存將由歐美調動至中國販售。此外,Amer品牌分佔的合營公司主要業務位於歐洲,仍然存在很大不確定性。

瑞信認為,安踏將要在犧牲或維持利潤中作出選擇,可能要推出大幅折扣以維持零售額增長,並要面臨庫存過多的問題,下調評級由「跑贏大市」降至「中性」,維持目標價73元。

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