《大行報告》美銀證券:安踏(02020.HK)黃金周銷售強勁 復甦趨勢不變
美銀證券發表的研究報告指,安踏體育(02020.HK)第三季經營表現反映所有品牌均有復甦,而國慶黃金周銷售增長亦進一步加快至四成以上,意味踏入旺季有好的開始,因為第四季一般均貢獻全銷售約四成。該行維持對公司的估算,予目標價97元,評級「買入」,主要認為公司在內地體育用品市場份額有機會增加,而行業亦自疫情復甦並有結構性增長,另一方面旗下Amer中期亦將成增長引擎,公司亦繼續轉向直營,雖然短期會帶來壓力,但長遠對品牌及經營影響正面。
該行指出,第三季安踏品牌零售銷售扭轉跌勢並呈低單位數的增長,而核心線下業務仍呈低單位數跌幅,主要因為正轉向直營。而Fila品牌銷售則升20%至25%,其他品牌亦升50%至55%。渠道庫存佔銷售比按季持平,並高於正常水平,主要因為中秋節的影響,公司估計到年底庫存水平將回復正常,而安踏及Fila的零售折扣亦按年多2%至3%。
該行估計公司在邁向達成下半年零售銷售目標,包括是安踏銷售增高單位數至10%,而Fila則升兩成以上,因為國慶黃金周公司強勢踏入旺季,而公司亦料可受惠「雙十一」電商貢獻,而公司早前推出了今年的冬裝,考慮到冬天較預期凍,估計亦有助推動第四季銷售表現。
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