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《大行報告》美銀證券:李寧及Nike在體育用品行業表現較好
阿思達克 01-29 14:25
美銀證券發表報告,指近期與一家華東運動服飾分銷商進行電話會議,提及去年首季是全年最困難的一年,復甦路途顛簸,在5月及10月有正增長,主因節假日帶動,零售銷售在12月回復至疫情前約80%-85%水平。

在傳統線上渠道(例如天貓、京東)方面,去年增長為15%-20%;而新線上渠道(例如微信小程序、直播及會員銷售)也錄有意義增長,由2019年近乎零,到去年佔總體零售額的2%-3%。該分銷商預期未來整個線上業務將佔總銷售約二至三成。

至於零售折扣方面,本地品牌由去年2-4月六五折,到第四季只做八折到七五折;而外國品牌則在2-4月做七折,收窄至第四季只做八五折。而各品牌庫存亦較平時水平略高。

該行表示,Nike和李寧(02331.HK)在行業中表現較好,Nike在期間經常主動並且準確地調整銷售組合和資助,而李寧則較偏向開設大型店。以2019年作基數,分銷商預期今年交易展覽訂單將增長6%,其中國際品牌會較本地品牌稍高,而售價料亦有上升,惟升幅會較去年溫和。另外,該分銷商指,Adidas的運動休閒系列「adidas Originals」近年勢頭已喪失予中國李寧。

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