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《大行報告》摩通下調安踏(02020.HK)目標價至90元 評級「中性」
阿思達克 04-19 11:36
摩根大通發表報告,指安踏體育(02020.HK)今年首季零售增長符合預期,由於上海和深圳等一線城市封城,預料FILA品牌將不能達到按年增長15%至20%的指引,認爲投資者應不會對此感到意外。該行表示,考慮到在持續的疫情下銷售和毛利率疲軟,將安踏2022至2024年的盈利預測下調了9%至12%,目標價由100元下調至90元,相當於未來一年預測市盈率20倍,維持「中性」評級。 摩通預料,安踏2022銷售額和純利將分別增長13%和4%,安踏品牌和FILA銷售額分別增長17%和5%,預計總毛利率和經營溢利率將分別下降0.8個百分點和1.6個百分點,因爲折扣、員工成本投資增加和經營去槓桿存在不確定性。
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