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野村:維持安踏體育(2020.HK)買入評級 目標價180.2港元
格隆匯 06-02 12:38

野村發表研究報吿指,安踏體育(2020.HK)料成為新彊棉花事件及東京奧運會主要受益者,預期可進一步從國際及國內同業中搶得市場份額;儘管新彊棉花事件的影響漸消退,管理層仍指銷售勢頭令人滿意,利潤率前景亦樂觀,因受惠於更好的產品組合及DTC(直面消費者)商店帶來額外收入,故維持其買入評級,目標價續看180.2港元。

野村表示,4月份安踏品牌銷售增長與首季相若;儘管去年基數較高,但Fila品牌次季至今仍有輕微增長,公司目標Fila品牌今年銷售可按年增長逾30%,並於未來維持20%至30%的增速;至於Amer首季經營表現好過預期,即使踏入淡季,但次季表現持續強勁,而隨着開設更多門店和門店效率提高,預計上半年合資企業虧損將按年大幅減少,並目標全年將扭虧為盈。

該行又指,安踏整體銷售於五一假期增長令人滿意,國內疫情反彈亦未見對公司有重大影響。另外,公司目標將安踏品牌門店數量由去年的9922間,在今年減少到9800至9900間,改為更著重門店效率及發展線上渠道,今年Fila品牌門店數量則料達2050至2150間,並目標Descente及Kolon今年門店數量分別達210至220間,及160至170間。

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