《大行報告》高盛料體育用品股今年續健康復蘇 籲買安踏、李寧、申洲及滔搏
高盛發表研究報告,指出雖然新冠病毒個案反彈及在農曆新年前後實施人流管制,或會影響短期運動服飾的銷售,但仍對潛在的銷售復甦抱正面態度,相信公司現時已通過更強的渠道戰略做好準備及積極控制庫存。
該行認為,隨著運動參與度提高、政府的政策支持及體育用品公司在產品、品牌及渠道的策略提升,相信長期的結構性增長會維持不變。在代工生產方面,看到去年的訂單流程獲改善,以及進行有效的訂單控制;而今年的需求有所改善,毛利率擴張亦受到效率提升所帶動。但該行料由於人民幣兌美元升值,而會出現部分負面的外匯影響。
展望業績表現,該行相信李寧(02331.HK)的盈利可見度在其所覆蓋的體育用品股中仍是最好,這是由於其穩健的品牌勢頭、更佳的庫存或折扣控制,以及效率進一步提升所致。申洲國際(02313.HK)的訂單前景則表現強勁,但人民幣升值或對其銷售均價有負面影響,令其短期出現匯兌虧損。安踏體育(02020.HK)則有穩健的長期前景,尤其是其多品牌策略加強,但安踏核心品牌的再投資及營銷過渡,或會對其短期營運開支帶來影響。維持安踏、李寧、申洲及滔搏(06110.HK)「買入」投資評級。
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