《大行报告》高盛升李宁(02331.HK)、安踏(02020.HK)及申洲(02313.HK)目标价分别至52元、128元及155元
高盛发表研究报告,重新对中国运动服饰市场预期作调整,并看好李宁(02331.HK)、安踏(02020.HK)的前景,维持对行业保守的看法,预期2019至2025年收入年复合增长率可达10%,同时短期复苏强劲的表现令人鼓舞,近月网上销售增长录30-50%增长,而线下亦见回升。
该行指,维持李宁「买入」评级,目标价升18%至52元,相当预测2025年市盈率26倍,在该行「最佳情境」(blue sky)假设下,当中反映中国鞋类销售可达去年美国销售量,及在中国内地市占率於2025年升至10%。
高盛维持安踏「买入」评级,目标价升38%至128元,相当预测2025年市盈率22倍,在该行「最佳情境」假设下,中国鞋类销售可达去年美国销售量,而旗下品牌安踏、Fila、Descente在内地市占率可分别达10%、9%及1.5%。
该行指看好申洲(02313.HK)运动服饰类表现订单展望乐观,同时可受惠行业综合的趋势,升2020至2022年盈利预期0.5-0.8%,维持「买入」评级,目标价由136元升至155元,相当预测市盈率27.5倍。
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.