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大摩:予安踏體育(2020.HK)增持評級 目標價160港元
格隆匯 12-21 12:50

摩根士丹利發表研究報吿指,安踏體育(2020.HK)過去30年的往績表明其擴展、適應、進化和突破的固有能力,對未來十年的願景指明瞭一條長期增長的道路。而近期業務方面的消息及宣派特別中期股息將有助改善投資者情緒。該行予“增持”評級,目標價160港元。

報吿指,安踏品牌下半年表現大致符合目標,儘管下半年疫情反彈和宏觀經濟疲弱,線上和線下的銷售渠道惡化,但管理層仍有信心實現原定銷售目標。而管理層也不相信近期的宏觀挑戰,會使在7月時定下的2025年目標偏離軌道。跑步用品類別將是集團未來的關鍵產品,目標成為顧客心目中的首選。

而在品牌推廣方面,疫情雖然對在東京奧運及北京冬奧的營銷工作有一定影響,然而管理層卻看到正面回報。在東京奧運期間的推廣活動,幫助增加網上搜索量及帶動國旗系列產品的出色銷售勢頭。

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