《大行報告》瑞銀引述安踏(02020.HK)料今年自身品牌產品均價可升逾10% 原材料成本可控
瑞銀髮表報告表示,安踏體育(02020.HK)管理層出席該行所舉行的大中華會議,並在下週三(19日)公佈2021年第四季銷售數據之前分享最新營運狀況,該行引述安踏體育管理層料2021年全年銷售增長指引爲逾20%,當中安踏及Fila品牌分別達介乎20至25%增長;展望2022年,管理層估計安踏品牌的產品平均售價可提升逾10%,藉推出較高端產品組合及擴大高端商場銷售點達致。
安踏體育管理層指,公司品牌逐步轉型Direct-To-Consumer(DTC,面向消費者)模式,料今年上半年零售業務淨利潤率爲中單位數;長期目標爲高單位數至低雙位數。
公司管理層表示,2022年原材料成本上漲對安踏品牌的影響應該有限,由於公司進行產品高端化;料對Fila的影響應能得到控制。該行重申安踏「買入」投資評級,下調目標價由176元降至159元,以反映下調其2021至2023年度盈利預測2%至3%。(wl/s)
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