《大行报告》瑞银下调安踏(02020.HK)目标价至155.9元 评级「买入」
瑞银与安踏(02020.HK)管理层讨论後发表研究报告,管理层指旗下品牌安踏与FILA年初至今销售高於2019年水平。对於近日退出良好棉花发展协会(BCI),管理层指公司跟随中国法律经营,同时强调FILA中国是由安踏所控制。
该行指,管理层中期目标是收入可以倍增,而未来3年销售增长25至30%,目标每店铺销售达100万元人民币;而电商目前渗透不足,占比只有两成;FILA品牌能够满足家庭需要;管理层相信FILA具有区别化和竞争力。公司同时积极进行品牌升级,以加强未来增长动力。
该行维持安踏「买入」评级,目标价由156.2元降至155.9元,以反映最新业绩数字。
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