野村:重申安踏體育(2020.HK)買入評級 升目標價至150.6港元
野村發表研究報吿指,安踏體育(2020.HK)於2020年第四季維持零售銷量低單位數增長,亦預期今年公司有可能錄56.1%毛利率,而由於線下銷售及DTC(直接面對消費者)等業務正逐漸改善,管理層今年零售銷售增長目標為高於10%。將公司目標價由139.1港元升至150.6港元,重申買入評級。
野村續指,公司貨物庫存情況回覆正常水平將是2020年第四業績的主要正面因素,亦將支持今年的盈利增長,隨着疫情的影響消退及公司旗下的體育品牌Amer在中國地區迅速擴展業務,料該品牌對公司盈利貢獻將有所改善,但下調今年純利預測2.4%,以反映低零售增長預測及一次性的重組成本。

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