《大行報告》瑞信下調安踏(02020.HK)目標價至154元 評級「跑贏大市」
瑞信發表研究報告指,安踏體育(02020.HK)去年收入按年增長4.7%,受利息開支增加影響,淨利潤按年下跌3.4%,稍遜該行預期,但基於更好發展前景,管理層仍上調今年增長指引,將安達品牌增長預測由10%提升至超過15%,並預期Fila可增長超過30%,較早前預測增長20%提升一成。
該行預期,今年安踏將專注於為重塑品牌,預期會推出更多高價產品、提升分店店面效率、增加電商銷售渠道及加強於內地發展Descente及Amer兩個品牌。公司預期未來五年電商銷售收入將增長30%,貢獻由25%擴大至42%。瑞信估計,在滲透率提升下,Descente預期今年將增長50%,而Amer的虧損則有望收窄。
瑞信指,在更高的收入及毛利率預期下,將明年盈利預測上調5%,考慮到目前市況,將目標價由164元下調至154元,預期長遠而言安踏重塑品牌及提升店舖效率將推動盈利增長,指出現價水平相當於今年預測市盈率25倍,仍屬吸引,因此維持「跑贏大市」評級。
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