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《大行报告》美银证券:李宁及Nike在体育用品行业表现较好
阿思达克 01-29 14:25
美银证券发表报告,指近期与一家华东运动服饰分销商进行电话会议,提及去年首季是全年最困难的一年,复苏路途颠簸,在5月及10月有正增长,主因节假日带动,零售销售在12月回复至疫情前约80%-85%水平。

在传统线上渠道(例如天猫、京东)方面,去年增长为15%-20%;而新线上渠道(例如微信小程序、直播及会员销售)也录有意义增长,由2019年近乎零,到去年占总体零售额的2%-3%。该分销商预期未来整个线上业务将占总销售约二至三成。

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;而外国品牌则在2-4月做七折,收窄至第四季只做八五折。而各品牌库存亦较平时水平略高。

该行表示,Nike和李宁(02331.HK)在行业中表现较好,Nike在期间经常主动并且准确地调整销售组合和资助,而李宁则较偏向开设大型店。以2019年作基数,分销商预期今年交易展览订单将增长6%,其中国际品牌会较本地品牌稍高,而售价料亦有上升,惟升幅会较去年温和。另外,该分销商指,Adidas的运动休闲系列「adidas Originals」近年势头已丧失予中国李宁。

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