瑞信:第四季國產運動服品牌需求趨勢與上季相若 國際品牌改善
瑞信發表研究報吿稱,該行分別在北京及河北,與國內外領先品牌的運動服裝經銷商進行了電話會議,當中看到國產品牌第四季整體線下需求趨勢與第三季相若,而外國品牌則現復甦趨勢。
該行提到,於過去兩個月,國產品牌在北京的銷售按年增逾3成,而在河北則有雙位數字增長。同時,Nike由第三季的跌5至6%,過去兩個月的增長持平;Adidas的跌幅則收窄,由第三季跌16%收窄至10月跌6至7%,以及11月跌10%。
對於安踏(2020.HK)的高端化趨勢,北京的分銷商表示樂觀,理由是新產品線穩健,增加了時尚元素及售價上升,不過河北的分銷商認為其策略需要時間實踐,即使有正面影響,可能在明年下半年或之後才會看到。
該行表示,基於疫情及宏觀經濟因素,相信短期內需求可能會受到影響,加上明年上半年的基數較高,需求及市場預測均有下行風險。因此建議維持防守性,首選申洲國際(2313.HK)。
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