《大行报告》高盛料体育用品股今年续健康复苏 吁买安踏、李宁、申洲及滔搏
高盛发表研究报告,指出虽然新冠病毒个案反弹及在农历新年前後实施人流管制,或会影响短期运动服饰的销售,但仍对潜在的销售复苏抱正面态度,相信公司现时已通过更强的渠道战略做好准备及积极控制库存。
该行认为,随着运动参与度提高、政府的政策支持及体育用品公司在产品、品牌及渠道的策略提升,相信长期的结构性增长会维持不变。在代工生产方面,看到去年的订单流程获改善,以及进行有效的订单控制;而今年的需求有所改善,毛利率扩张亦受到效率提升所带动。但该行料由於人民币兑美元升值,而会出现部分负面的外汇影响。
展望业绩表现,该行相信李宁(02331.HK)的盈利可见度在其所覆盖的体育用品股中仍是最好,这是由於其稳健的品牌势头、更佳的库存或折扣控制,以及效率进一步提升所致。申洲国际(02313.HK)的订单前景则表现强劲,但人民币升值或对其销售均价有负面影响,令其短期出现汇兑亏损。安踏体育(02020.HK)则有稳健的长期前景,尤其是其多品牌策略加强,但安踏核心品牌的再投资及营销过渡,或会对其短期营运开支带来影响。维持安踏、李宁、申洲及滔搏(06110.HK)「买入」投资评级。
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