《大行报告》大和上调安踏(02020.HK)目标价至164.5元 评级「买入」
大和发表报告,看好安踏(02020.HK)受惠国潮消费主题,重申「买入」评级,并将12个月的目标价由154元调高至164.5元。
大和指,今年首季安踏零售额较19年同期增长双位数,加上在新疆棉花事件下国内民众对本土品牌需求增加。安踏计划在未来几个月推出品牌振兴计划,进一步利用这些有利因素,例如计划推出更多高端产品,以抓住全球品牌的外溢需求,并进一步透过品牌大使推广国旗系列,亦会通过与KOL合作,在快手和抖音上举办更多营销活动。
报告指,安踏去年宣布直接面向客户(DTC)的转型已经完成,公司正在与另外1至2个分销商进行谈判,今年可能会有200至300个销售网点转换为DTC。
大和指,安踏管理层预计,FILA经典店的数量将保持相对稳定,但认为中短期内店面效率有提升的空间,每家店月销售额达到100万元人民币(去年为70万元人民币)。FILA KIDS方面,管理层预计鉴於其强大的品牌定位,门店数量将增加近一倍,达到约1,000个销售点。至於17年第四季才推出的FILA Fusion,管理层认为有空间将门店数量翻倍至约500个,同时预计FILA线上销售将保持有弹性的增长。
Descente方面,管理层中期目标收入为50亿元,并拥有300至500个销售点。
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