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《大行报告》美银证券:安踏(02020.HK)黄金周销售强劲 复苏趋势不变
阿思达克 10-16 14:38
美银证券发表的研究报告指,安踏体育(02020.HK)第三季经营表现反映所有品牌均有复苏,而国庆黄金周销售增长亦进一步加快至四成以上,意味踏入旺季有好的开始,因为第四季一般均贡献全销售约四成。该行维持对公司的估算,予目标价97元,评级「买入」,主要认为公司在内地体育用品市场份额有机会增加,而行业亦自疫情复苏并有结构性增长,另一方面旗下Amer中期亦将成增长引擎,公司亦继续转向直营,虽然短期会带来压力,但长远对品牌及经营影响正面。

该行指出,第三季安踏品牌零售销售扭转跌势并呈低单位数的增长,而核心线下业务仍呈低单位数跌幅,主要因为正转向直营。而Fila品牌销售则升20%至25%,其他品牌亦升50%至55%。渠道库存占销售比按季持平,并高於正常水平,主要因为中秋节的影响,公司估计到年底库存水平将回复正常,而安踏及Fila的零售折扣亦按年多2%至3%。

该行估计公司在迈向达成下半年零售销售目标,包括是安踏销售增高单位数至10%,而Fila则升两成以上,因为国庆黄金周公司强势踏入旺季,而公司亦料可受惠「双十一」电商贡献,而公司早前推出了今年的冬装,考虑到冬天较预期冻,估计亦有助推动第四季销售表现。

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