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《大行報告》大摩上調安踏(02020.HK)目標價至203元 評級「增持」
阿思達克 07-12 10:41
摩根士丹利發表報告指,安踏體育(02020.HK)定下目標「安踏」品牌未來五年銷售額複合增長達18%至25%,較市場預測高出5%至10%。該行表示,考慮到往績,安踏一向都訂立進取目標並能成功達標,因此相信此次也不例如,予以「增持」評級。

大摩預期,安踏品牌預期至2025年營收可增長至600億至800億元人民幣,對比同業目標進取,但集團有清晰佈局所支持,包括將一線至三線城市營收貢獻比例提升至超過50%及推出更多高端定價產品等,以滿足中國市場對高端消費需求持續增加。

該行表示,將安踏2021至2023年銷售及盈利預測輕微上調1%至3%,目標價由191元升203元,相當預測2022財年市盈率40倍,相信在規模增大及產品組合調整下,利潤率將可提升。

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