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《大行报告》汇丰研究降安踏(02020.HK)目标价至145.6元 维持「买入」评级
阿思达克 03-25 14:27
汇丰研究发表研究报告指,安踏(02020.HK)收入在去年上半年下跌1%後,去年下半年已回升9%,符合预期,下半年经营溢利更超出该行预期约20%,经营溢利率亦由上半年的16.4%回升至下半年的21.9%。在汇兑损失高於预期下,下半年净利仅较该行预期高出3.9%。

报告指出,去年度线上收入增长54%,在直接向消费者销售的模式带动下,管理层订立目标2021至2025年线上收入每年增长逾30%。汇丰研究因此将安踏2020至2022年收入复合增长预期由24.2%提升至27.8%,并预期安踏品牌的经营溢利率於期内可提升至20%,集团今明两年经营溢利预测上调7%及1%。该行并料2020至2022年净利润复合增长35%,同期收入复合增长28%。

汇丰研究认为,安踏自去年疫情疲弱市况中恢复很好,预期安踏品牌销售去化率将由去年的下跌5%,回升至增长逾20%,而Fila今年更料增长加快至30%。该行预期今年集团收入可增长34%,在此轮上升周期中增长可支撑其估值,维持「买入」评级,以2022年预测市盈率35倍计,目标价由155元降至145.6元。

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