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《大行報告》瑞信:安踏(02020.HK)中期業績無驚喜 維持「跑贏大市」看213元
阿思達克 08-25 10:08
瑞信發表研究報告指,安踏體育(02020.HK)上半年銷售及純利分別增長55.5%及131.6%,公司維持安踏品牌全年收入增長逾20%、Fila品牌增長逾30%的指引。 該行指,整體經營溢利率按年增1.3個百分點,主因Fila毛利率強勁,但部份受安踏品牌毛利率收窄所抵銷,而公司亦首次公布其他品牌之經營溢利率為約20%。 該行認為,因應新冠疫情及水災,7月及8月零售銷售增長放慢,而公司亦指第三季銷情較預期低,重申對行業短期審慎的看法,並待第四季有更多催化劑,維持其目標價213元及「跑贏大市」評級。
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