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《大行報告》大摩料安踏(02020.HK)上半年盈利跌18% 評級「增持」
阿思達克 07-11 10:01
摩根士丹利發表研究報告,注意到市場對安踏體育(02020.HK)上半年業績預測存在分歧,普遍估計盈利跌幅達20%至30%;由於該行對FILA經營利潤率收縮看法相對較不負面,預測安踏中期純利將按年跌15%至20%。 安踏將於今日(11日)收市後公布次季銷售數據,參考過往模式,公司將披露初步盈利範圍。大摩預測安踏中期收入將按年增長5%,經營溢利料將下降17%,純利料跌18%至31億元人民幣,當中Amer Sports的股權虧損料縮減至約2億元人民幣;由於人民幣貶值,預期期內將錄得匯兌損失。其中安踏品牌,大摩預期零售銷售6月份錄得超過10%增長,令第二季將錄得中單位數跌幅,在DTC渠道戰略下,毛利率料按年提升3個百分點至56%。 基於預測2022年市盈率約37倍,大摩給予目標價133元,認為通過其多元化的品牌組合,安踏將持續取得市場份額,支持渠道升級及快速增長前景,評級「增持」。
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