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《大行報告》高盛:安踏(02020.HK)去年下半年純利高預期3% 維持「買入」評級
阿思達克 03-22 15:47
高盛發表研究報告指,安踏體育(02020.HK)去年下半年淨利按年增長11%,高於該行預期約3%;毛利率達59.3%,大致符該行預期。去年下半年銷售額按年增長27%,當中安踏品牌銷售額增加,但運營支出比率也高於預期,廣告促銷費用大增。同時,期內來自Amer的貢獻及外匯收益亦有提升。 該行指出,去年下半年廣告促銷開支增加,或與冬奧相關費用有關,關注安踏與Fila品牌2022年增長指引,以及疫情下本年初至今表現,與安踏核心品牌升級舉措等,維持對安踏的「買入」評級,目標價186元。
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