《大行报告》瑞信升安踏(02020.HK)目标价至189元 评级「跑赢大市」
瑞信发表研究报告,指与安踏体育(02020.HK)会议得悉,安踏正在进行品牌改革,致力品牌高端化及开展Anta Guoqi品牌;旗下Fila透过增加门店生产力及开设Fila Kids/Fila Fushion门店,目标未来五年收入倍升;旗下Amer将继续开店。
报告引述公司称,Anta Guoqi今年料开店30间,该行透过渠道调查所得,在低折扣下新产品获市场良好反应,正带来良好利润率。该行上调安踏今明两年收入预测分别2%及6%,料安踏品牌盈利内生增长分别19%及20%,同时Fila盈利内生增长料分别34%及21%。该行料今明两年经营利润率分别24.9%及26.3%,相应上调安踏体育今明两年盈测分别3%及6%。瑞信表示,安踏仍然是行业首选,目标价由154元升至189元,维持「跑赢大市」评级。
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