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大行評級 | 高盛:對22年下半年利潤復甦持積極態度 維持安踏(2020.HK)“買入”評級,目標價127港元
格隆匯8月24日丨高盛發研報指,安踏交付了強勁的上半年業績。該行對22年下半年利潤復甦持積極態度,同時預計多品牌戰略下的長期份額增長仍將保持不變。該行表示,管理層強調安踏循序漸進的改善趨勢,本季度迄今為止,集團零售銷售額增長達兩位數。在管理層指導下,安踏核心品牌/斐樂(FILA)/迪桑特(Descente)+可隆(Kolon)2022財年下半年銷售額分別實現20%+/兩位數/30%的增長。該行認為2022財年下半年的利潤率應該比2022財年上半年好。而Descente和Kolon在盈虧平衡點後的一年內營業利潤率分別達到高於25%和10%。該行認為,由於中國強勁的需求,料Amer將在併購後的第一年貢獻利潤(22年上半年同比增長30%)。雖然斐樂仍處於轉型階段,但該行看到銷售穩步改善。管理層對斐樂的長期目標從2021年的250億元人民幣到中長期達到400-500億元人民幣,預計收入增長在兩位數左右,營業利潤率高於25%。管理層預計庫存水平將在年底前基本恢復正常情況下,零售折扣水平將改善;營銷費用率(A&P ratio)降低將改善銷售;原材料壓力將在下半年緩解。該行將盈利預期上調0.7%-10%,以反映更好的銷售/利潤率趨勢。維持“買入”和127港元目標價。
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