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《大行報告》麥格理下調安踏(02020.HK)目標價至144元 評級「跑贏大市」
阿思達克 10-27 10:08
麥格理髮表研究報告指,審視安踏(02020.HK)今年第三季營運情況後,將FILA下半年及明年增長放緩預期考慮在內,因此將公司2021至2022財年盈利預測分別下調5%及11%,較市場普遍預期低3%及5%。 該行指,安踏短期內新產品推出及即將到來的「雙11」促銷活動,料FILA及安踏第四季表現可望改善,維持對安踏的「跑贏大市」評級,基於對其2022至2023財年綜合預測市盈率估值下調至約31倍,將目標價由202元降至144元。 麥格理認爲,安踏旗下FILA仍將能夠實現400億至500億元人民幣的中長期銷售目標,但由於早前增長放緩,達標時間可能會被進一步推遲,預期公司將繼續專注於對品牌、產品及渠道的投資,現在預測FILA於2021至2025年期間收入年複合增長率將達到18%。
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