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安踏體育 ( 02020.HK) :入選恆指成分股,躋身藍籌增量資金進場,維持“買入”評級
格隆匯 11-17 09:35

機構:天風證券

評級:買入

安踏入選恆指成分股

安踏體育宣佈,公司獲恆生指數有限公司納入恆生指數成份股,並將於2020 年 12 月 7 日(星期一)起正式生效。在此之前,安踏體育已經於去年五月成功入選恆生中國企業指數成份股。這次又一次通過恆生指數公司的甄選,是目前恆指成份股中唯一的中國體育用品公司。

躋身藍籌股,質地獲市場認可,增量資金進場

作為香港乃至全球股票市場最為關鍵的指標之一,安踏體育此次躋身藍籌股,充分反映出資本市場對公司的肯定認可,進一步鞏固安踏體育作為中國體育用品領軍企業的行業地位;同時,納入恆指成分股也將吸引被動基金配置,帶動增量資金入場。

作為安踏體育在資本市場發展關鍵里程碑,公司成為目前國內唯一入選恆生指數成分股的中國體育用品公司。今年以來,安踏積極推動直面消費者戰略轉型以及線上線下業務融合的進展良好。

三季度零售表現回暖

1)安踏品牌:20Q3 安踏品牌產品零售金額較 2019 年同期取得低單位數正增長。

2)FILA 品牌:2020Q3 FILA 品牌產品零售金額較 2019 年同期取得 20%~25%正增長。

3)其他品牌:2020Q3 其他品牌(包括 DESCENTE、KOLON SPORT、SPRANDI等)產品零售金額較 2019 年同期取得 50%~55%正增長。

維持買入評級,長期投資邏輯不變,堅定推薦。我們考慮到未來亞瑪芬在中國業務的快速增長以及國外業務疫情後恢復,ANTA 品牌 DTC 渠道升級完成後對公司零售收入提振以及利潤端增厚作用,維持此前 2020H1 公司業績點評盈利預期:預計公司 2020~2022 年主營業務總營收分別為354.36/436.96/532.12 億 元 , 公 司 2020~2022 年 歸 母 淨 利 潤 分 別 為56.91/81.86/103.64 億元, EPS 為 2.11/3.03/3.83 元 , 對 應 PE 為43.60/30.36/24.02。

風險提示:DTC 渠道擴充進度不及預期等不確定性因素;後疫情時代運動行業市場需求疲軟;原材料價格、人力成本上升;線下渠道擴充帶來的運營風險等。

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