《大行報告》中金:安踏(02020.HK)第三季零售額增速轉正 新增長動力顯現
中金發表的研究報告指,安踏(02020.HK)第三季度零售額增速轉正,並錄低單位數增長,而FILA品牌銷售額增速亦加快至20-25%,達到下半年的增長目標,其他品牌銷售額則按年增50-55%,反映所有品牌的銷售均自疫情復甦。
該行認為銷售繼續復甦,而新增長動力亦逐步顯現,當中電商銷售保持增長勢頭,安踏和FILA品牌線上銷售分別按年升50%及90%,而安踏童裝全渠道銷售按年亦錄低雙位數增長,成人業務則按年錄低單位數增長。FILA Fusion及FILA童裝銷售額分別錄約五成及逾三成的增長,帶動FILA品牌銷售額整體增速。
該行指出由於國慶假期積極備貨,安踏及FILA品牌第三季度渠道庫存水平分別為六個月及八個月,按季持平,考慮到公司不斷推進去庫存,該行料2020年底前實現庫存水平正常化有信心。中金維持對公司2020-21年每股盈測1.96元及2.93元,維持「跑贏行業」評級,目標價102.16元。(el/u) ~
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.