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野村:升安踏體育(2020.HK)目標價至103港元 評級“買入”
格隆匯 08-26 12:04

野村發研報指,安踏體育(2020.HK)上半年純利16.58億元人民幣同比減少28.6%,若不計合營公司虧損的影響,同比下降20.1%,好於之前安踏的盈警公告同比下降35%及25%。上半年公司收入小幅下降1%至人民幣147億元,安踏品牌收入同比下降10.7%,FILA品牌/其他品牌收入同比增長9.4%/8.3%。其中毛利率同比上漲0.7個百分點至56.8%(創歷史新高),原因是毛利率較高的FILA貢獻提升。

野村續指,利用集團在FILA直接零售方面的豐富經驗,安踏將從批發模式轉向安踏品牌的DTC模式(直接面對消費者的營銷模式),以實現更好的渠道效率和進一步的數字化。在第一階段,11個地區的3500家安踏店將參與新的混合經營模式(60%由集團直接經營,40%由現有加盟商經營),預期在6-9個月內完成。管理層預計,與這一變化相關的總成本為20億元人民幣。

該行還稱,Amer次季業績優於管理層的預期,並在7月也取得了良好的業績。中國市場在上半年內保持兩位數的強勁增長勢頭。 管理層預計Amer將在下半年中盈利。該行將公司20-22財年的收入提高3-11%,並將目標價由87.6港元提升至103港元,維持“買入”評級。

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