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瑞信:體育股首選安踏(2020.HK)、李寧(2331.HK)

瑞信發表報吿指,從四大體育分銷商的電話會議所得,內地體育品牌在5月及6月初仍跑贏國際品牌,國際品牌銷售仍錄下跌,國際品牌將會在未來一至兩個月重啟推廣,預計下半年國際品牌銷售會改善。在5月內地品牌銷售較2019年同期上升30-100%,但同時國際品牌下跌9-50%,相同趨勢6月見維持。

報吿指,商場之間的談判正在進行中,體育賽事也在進行中,一些經銷商認為,小規模促銷活動最早可以在端午節期間開始,大多數經銷商認為﹐第三季度末至第四季度初,應實現常態化促銷,外資品牌增長應在四季度反彈。

報吿又指,運動服基本需求保持健康,首選安踏(2020.HK),因為對安踏品牌執行和Amer好轉持樂觀態度,也看好李寧(2331.HK)強勁品牌勢頭。安踏向直營店批發轉型實現了10-30%零售額增長,李寧在服裝和鞋類領域的折扣收窄,價格漲幅最大。

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