《大行報告》美銀證券上調安踏(02020.HK)目標價至200元 評級「買入」
美銀證券發表的研究報告指,安踏體育(02020.HK)目標2020-25年核心品牌零售銷售年複合增長達18-25%,意味其零售銷售額到2025年應由去年的300億元人民幣增至700-900億元人民幣,市場份額則升3-5%,認爲追求功能性及品牌升級繼續是公司的主要策略。該行重申安踏「買入」評級,認爲公司增長前景令人鼓舞,目標價升4%至200元,以反映中期增長估算較高。
該行指出公司目標2020-25年電商年複合增長達30%,收入貢獻將由現時的25%增至40%,而線下方面年複合增長則料介乎15-20%,預期店鋪效益改善將是主要增長引擎,料店鋪數量將維持平穩或稍爲減少,而高端產品增加,平均銷售單價提升將是店鋪效益的主要來源。此外公司將有更多一至三線城市分店,以及商場分店,而受惠旗艦店開張,店鋪規模亦料有所提升。
美銀證券指出,首批迴購的分店開始呈現較預期強的改善情況,每月每店銷售額達30萬元人民幣,高過2019年水平,同時表現亦好過其他由分銷商經營的門店。公司目標未來一至兩年分店月均銷售額可達40萬元人民幣。不過初期需額外廣告及宣傳開支,估計相關開支未來兩年將升,但受惠收入規模增長,經營利潤率中期而言料可維持穩定甚或略改善。
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