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《大行報告》野村下調安踏(02020.HK)目標價至145.2元 評級「買入」
阿思達克 03-25 10:20
野村發表報告表示,安踏(02020.HK)去年度收入按年升4.7%至355.12億元人民幣,即是下半年業務復甦至9%增幅,上半年僅按年持平;當中品牌Fila收入升18.1%,佔整體達49.1%。

報告引述管理層指,相對於去年第四季,目前業務逐步有所改善,預計今年安踏品牌銷售錄低單位數升幅,Fila升25%至30%,以及其他品牌升55%至60%。同時,電商業務將會是短期增長引擎,去年該業務收入升53.5%,佔整體達25%,該行料未來5年將提升佔比至40%。

該行又指,由品牌安踏及Fila正常化庫存水平來看,料今年度毛利率將持續擴張;且料Amer盈利貢獻有改善。因此輕微調整安踏今年度盈利預測,目標價由150.6元下調至145.2元,維持「買入」評級。

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