《大行報告》瑞信升安踏(02020.HK)目標價至189元 評級「跑贏大市」
瑞信發表研究報告,指與安踏體育(02020.HK)會議得悉,安踏正在進行品牌改革,致力品牌高端化及開展Anta Guoqi品牌;旗下Fila透過增加門店生產力及開設Fila Kids/Fila Fushion門店,目標未來五年收入倍升;旗下Amer將繼續開店。
報告引述公司稱,Anta Guoqi今年料開店30間,該行透過渠道調查所得,在低折扣下新產品獲市場良好反應,正帶來良好利潤率。該行上調安踏今明兩年收入預測分別2%及6%,料安踏品牌盈利內生增長分別19%及20%,同時Fila盈利內生增長料分別34%及21%。該行料今明兩年經營利潤率分別24.9%及26.3%,相應上調安踏體育今明兩年盈測分別3%及6%。瑞信表示,安踏仍然是行業首選,目標價由154元升至189元,維持「跑贏大市」評級。
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