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《大行報告》招商證券:Nike季績亮眼 預示內地運動服飾行業需求強勁
阿思達克 12-23 14:48
招商證券發表的報告指,Nike(NKE.US)公佈截至11月底的季度業績,期內整體收入按年增長9%,淨收入按年升12%,而公司來自中國的收入按年增長24%至23億美元,若不計匯率影響則升19%,佔總收入的20.4%,而期內息稅前利潤同比增長28%,反映中國區利潤率出現擴張。

該行指出今年上半年,中國業務營收按年增長14%,而公司第二財季在中國的營收首次突破20億美元大關,並指出雙十一期間其線上收入超過5億美元,在運動品牌排名第一,並在天貓取得最高的流量。該行認為Nike線上銷售勢頭強勁證實了其觀點,即是Nike於中國的大型分銷商寶勝國際(03813.HK)11月銷售額下跌的原因是其線上業務規模較細,而非整體需求疲軟。

該行認為儘管Nike預計歐洲和北美部分地區將實施新一波與新冠疫情相關的限制措施,但其仍將21財年收入增長指引從高個位數增長上調至低雙位數增長。公司更指無法滿足來自中國的全部需求,故認為消息對整個中國運動服飾行業來說是正面,意味Nike繼續預期中國業務將有強勁增長。

總體而言,該行預計2021年中國運動服飾行業將按年增長15%至20%,這與Nike的指引一致,如果Nike能將其在2020年上半年的中國收入41億美元維持到下半年,將對應實現22%的年增長率。該行維持對中國運動服飾行業的樂觀看法。維持安踏(02020.HK)的買入評級,目標價為131.1元;維持特步(01368.HK)的買入評級,目標價4元,對李寧(02331.HK)的評級為中性,目標價46.7元。

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