《大行报告》麦格理上调安踏(02020.HK)目标价至179元 评级「跑赢大市」
麦格理发表研报指,安踏体育(02020.HK)库存水平有所改善,料有助推动今年收入恢复增长,去年第四季零售销售仅录低单位数增幅,低於管理层对下半年增长约5%至10%的指引,相信部分原因是由於疫情下折扣增加、订单减少导致冬季产品供应短缺,预计经营溢利率将恢复到2019财年水平,因此重申「跑赢大市」评级。
该行预期,安踏2021至2023年盈利增长幅度回升,上调其2022财年盈测4%,认为安踏品牌的分销改革成功,FILA将可增长超过20%,而Descente和其他品牌收入贡献亦会提升,FILA和其他品牌的利润率也将在今年得到改善,相应将目标价上调至179元,以反映2022财年预测市盈率约40倍。
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