《大行報告》大和升安踏(02020.HK)評級至「買入」 籲投資者應趁低吸納
大和發表報告表示,安踏體育(02020.HK)去年純利跌3.4%,符該行預期。考慮近期股價回調,上調其投資評級,由「跑贏大市」升至「買入」,目標價則由136.8元微降至135元,此相當預測今年市率40倍,建議投資者趁低吸納;考慮長期市佔擴張潛力,維持屬行業首選。
該行稱,在具挑戰環境下,安踏去年毛利率仍按年擴大3.2個百分點至58.2%,經營利潤率按年改善0.2個百分點至25.8%創新高。
大和認為,安踏重塑品牌屬其今年重心,其DTC(直面消費者)改革亦按步推進。按首季至今趨勢,管理層留意到安踏品牌零售銷售表現復甦令人鼓舞,較2019年水平有正增長,旗下FILA零售銷售亦加快。
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