野村:維持安踏(2020.HK)買入評級 目標價103港元
野村發表研究報告指,安踏體育(2020.HK)將把部份地區的業務模式由批發分銷模式轉型至直面消費者模式(DTC)。該行維持其買入評級,目標價103港元。
野村指,公司的目標是在3年內DTC佔線下零售總額的50%至60%,其中直接零售店和加盟店分別佔50%,加上快速增長的在線銷售,公司的長期目標是到2025年將DTC的收入貢獻提高到70%,符合公司的中長期業務轉型。
野村續指,疫情還觸發了在線業務的快速增長,而消費者對常規價格商品的接受程度有所提高。另外,店鋪重新開業後,公司FILA的O2O仍然表現良好,佔總銷售額的20%。

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