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牛熊異動 | 安踏牛證大升160%
uSMART盈立智投 03-25 12:13

安踏體育(02020.HK)早段持續拉升,截至發稿,升幅超6%,看漲衍生品安踏法興一十牛(54813.HK)升超160%。

國信證券發佈研究報告,維持安踏體育(02020)“買入”評級,合理估值138.7-142.9港元,上調盈利預測,預計2020-22年淨利潤分別同比增長47.6%/25.1%/25%。

報告中稱,公司期內收入同比增4.7%至355.12億元,歸母淨利同比降3.4%至51.62億元,不含匯兌損失3.37億,歸母淨利增2.9%,好於預期。安踏/FILA/其他品牌同比-9.7%/+18.1%/+35.4%,公司GPM55%,+3.2pp,安踏+3.4pp,FILA-1.1pp,其他品牌+4.1pp,OPM25.8%,+0.2pp,其中安踏+1.4pp,FILA-1.4pp,其他+11.8pp,公司存貨/應收/應付週轉天數達到122/39/66天,儘管有DTC回購庫存影響,但全年的庫存/應收週轉天數比年中的數據依然有改善。ROE下跌至23.4%左右,資產負債率上升至32.2%,公司淨現金59.2億。

該行表示,2021年初至今總體取得比2020Q4更好的流水趨勢,安踏FILA全渠道庫銷比回落到5~6健康水平,折扣進一步恢復到比2019年也更好的水平。安踏品牌的DTC轉型進度優於預期,預計在3月月底全面完成所有的11家公司的DTC的轉型工作,有助於安踏品牌開啓二次成長。

報告提到,電商表現亮眼,佔收入26%(而2019年18%),金額同比增53%,成爲最重要的增長的引擎,公司目標到2025年線上業務佔收入的40%以上。公司上調2021增長指引,預計流水安踏/FILA/迪桑特同增中高雙位數/超過30%/50%。

 

 

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