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《大行報告》高盛升李寧(02331.HK)、安踏(02020.HK)及申洲(02313.HK)目標價分別至52元、128元及155元
阿思達克 12-10 09:40
高盛發表研究報告,重新對中國運動服飾市場預期作調整,並看好李寧(02331.HK)、安踏(02020.HK)的前景,維持對行業保守的看法,預期2019至2025年收入年複合增長率可達10%,同時短期復甦強勁的表現令人鼓舞,近月網上銷售增長錄30-50%增長,而線下亦見回升。

該行指,維持李寧「買入」評級,目標價升18%至52元,相當預測2025年市盈率26倍,在該行「最佳情境」(blue sky)假設下,當中反映中國鞋類銷售可達去年美國銷售量,及在中國內地市佔率於2025年升至10%。

高盛維持安踏「買入」評級,目標價升38%至128元,相當預測2025年市盈率22倍,在該行「最佳情境」假設下,中國鞋類銷售可達去年美國銷售量,而旗下品牌安踏、Fila、Descente在內地市佔率可分別達10%、9%及1.5%。

該行指看好申洲(02313.HK)運動服飾類表現訂單展望樂觀,同時可受惠行業綜合的趨勢,升2020至2022年盈利預期0.5-0.8%,維持「買入」評級,目標價由136元升至155元,相當預測市盈率27.5倍。

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