麥格理:維持安踏(2020.HK)“優於大市”評級 予目標價144港元
麥格理髮研報指,安踏體育(2020.HK)維持對安踏品牌及FILA的全年零售銷售指標,又預期主要品牌的營運利潤率將會隨着時間而擴大,集團亦強調其所有品牌的店鋪素質。該行維持集團“優於大市”評級,予目標價144港元。
該行表示,雖然芬蘭亞瑪芬體育(Amer Sports)或會在今年第四季感受到越南供應鏈中斷的壓力,但對2021財年全年盈利能力的影響仍然可控。雖然預期短期內市場仍將關注FILA的動能,但該行認為目前的股價調整過度,安踏現價為2022財年市盈率28.8倍。
報吿提到,安踏管理層預計,東南亞的供應鏈中斷和更高的運費成本將影響第四季銷售,但仍然有信心公司將在下半年實現盈利。在運營上,集團計劃通過新的商店概念擴大登山鞋品牌Salomon在中國的影響力,同時會強調品牌促銷以及專為城市跑步設計的新服裝產品和鞋類。

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