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《大行報告》野村下調安踏(02020.HK)目標價至126.4元 評級「買入」
阿思達克 08-24 11:04
野村發表報告指,安踏體育(02020.HK)上半年收入較市場預期高出6.8%,主要受安踏核心品牌推動,淨利潤亦較市場預期高9.7%。該行認為,自3月底以來的銷售疲軟已經過去,重申「買入」評級,目標價由128.8元降至126.4元。 野村認為,安踏主品牌的「贏領計劃」進展順利,尤其是在高端產品的開發方面,可令產品升級和價格提升,並提高細分市場的利潤率。而小品牌Descente和Kolon Sport上半年表現良好,因為在戶外活動增長趨勢中處於有利位置。 野村將安踏2022至2024財年淨利潤預測提高1.5至6.3%,因更看好安踏主品牌的前景,相信多品牌模式下,小品牌潛力強勁,可能會令公司在中長期內獲得更大市場份額。
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