《大行報告》花旗:安踏(02020.HK)相比李寧(02331.HK)較容易受非中國市場波動影響
花旗發表研究報告指出,最近俄烏緊張局勢可能會令全球軟商品市場牛市延長,在中國連動服飾方面,安踏(02020.HK)於歐洲、中東及非洲地區的敞口,使其較專注中國市場公司如李寧(02331.HK)及滔搏(06110.HK),更易受非中國市場波動的地緣政治緊張局勢影響。
該行預測,石油相關的原材料約佔運動鞋銷售成本約20%,約佔服裝銷售成本15%至30%(取決於銷售組合)。高性能及戶外服裝(如安踏的Amer產品)將使用更多與石油相關的材料,包括聚酯纖維及功能性塗層。由於大部分運動公司擁有強大的品牌力,該行預計大部分成本壓力將透過上調產品均價而轉嫁。
不過,花旗指出,最近的地緣政治緊張局勢中,由於安踏的組成項目(如Amer),或令公司的非中國市場(尤其是歐洲、中東和非洲)有潛在波動風險,亦為Amer帶來潛在流動性壓力。花旗對安踏予「沽售」評級。
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