《大行報告》高盛:Nike季績勝預期 顯示內地體育用品業復蘇 看好李寧、滔搏、安踏及寶勝
高盛發表的研究報告指,Nike首財季淨利及收入表現均勝預期,受惠數碼渠道復甦內地市場錄雙位數增長,公司亦會繼續推出創新產品,而庫存水平亦逐步正常化。
該行指出大中華市場收入增長重新加快至8%,與團隊預測一致,而線下人流亦接近去年同期的水平,儘管正價產品銷售增加,管理層估計受「雙十一」影響之後的季度將有更多折扣,該行認為Nike在內地增長強勁,反映內地體育用品消費復甦,亦利好其他體品品牌及零售商。
高盛認為李寧(02331.HK)定位最理想,可受惠品牌勢頭、庫存壓力減、定價較好及成本具效益等好處,另外亦予滔博(06110.HK)及寶勝國際(03813.HK)「買入」評級,相信可受惠Nike強勁的品牌勢頭及O2O策略,安踏體育(02020.HK)則相信Fila品牌強勁可帶動公司下半年的銷售復甦。
該行指出截至8月底Nike的庫存按年升15%,但相關水平較5月底時有所下降,相信到末季度庫存將回復正常,該行重申予申洲國際(02313.HK)「買入」評級,看好長遠市場份額提升,而九興控股(01836.HK)品牌及產品組合亦料有改善。
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