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《大行報告》大和上調安踏(02020.HK)目標價至164.5元 評級「買入」
阿思達克 05-11 09:47
大和發表報告,看好安踏(02020.HK)受惠國潮消費主題,重申「買入」評級,並將12個月的目標價由154元調高至164.5元。

大和指,今年首季安踏零售額較19年同期增長雙位數,加上在新疆棉花事件下國內民眾對本土品牌需求增加。安踏計劃在未來幾個月推出品牌振興計劃,進一步利用這些有利因素,例如計劃推出更多高端產品,以抓住全球品牌的外溢需求,並進一步透過品牌大使推廣國旗系列,亦會通過與KOL合作,在快手和抖音上舉辦更多營銷活動。

報告指,安踏去年宣布直接面向客戶(DTC)的轉型已經完成,公司正在與另外1至2個分銷商進行談判,今年可能會有200至300個銷售網點轉換為DTC。

大和指,安踏管理層預計,FILA經典店的數量將保持相對穩定,但認為中短期內店面效率有提升的空間,每家店月銷售額達到100萬元人民幣(去年為70萬元人民幣)。FILA KIDS方面,管理層預計鑒於其強大的品牌定位,門店數量將增加近一倍,達到約1,000個銷售點。至於17年第四季才推出的FILA Fusion,管理層認為有空間將門店數量翻倍至約500個,同時預計FILA線上銷售將保持有彈性的增長。

Descente方面,管理層中期目標收入為50億元,並擁有300至500個銷售點。

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