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《大行报告》中金:安踏(02020.HK)第三季零售额增速转正 新增长动力显现
阿思达克 10-16 14:38
中金发表的研究报告指,安踏(02020.HK)第三季度零售额增速转正,并录低单位数增长,而FILA品牌销售额增速亦加快至20-25%,达到下半年的增长目标,其他品牌销售额则按年增50-55%,反映所有品牌的销售均自疫情复苏。

该行认为销售继续复苏,而新增长动力亦逐步显现,当中电商销售保持增长势头,安踏和FILA品牌线上销售分别按年升50%及90%,而安踏童装全渠道销售按年亦录低双位数增长,成人业务则按年录低单位数增长。FILA Fusion及FILA童装销售额分别录约五成及逾三成的增长,带动FILA品牌销售额整体增速。

该行指出由於国庆假期积极备货,安踏及FILA品牌第三季度渠道库存水平分别为六个月及八个月,按季持平,考虑到公司不断推进去库存,该行料2020年底前实现库存水平正常化有信心。中金维持对公司2020-21年每股盈测1.96元及2.93元,维持「跑赢行业」评级,目标价102.16元。(el/u) ~

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