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《大行報告》瑞銀:內地體育用品9月銷售弱 行業首選李寧(02331.HK)
瑞銀發表報告指,由於受到零星的內地疫情爆發影響,安踏(02020.HK)和特步(01368.HK)9月至今的零售銷售較7月和8月疲弱。而安踏和特步在購物中心、城市層級和產品供應方面仍保持升級戰略。瑞銀認為內地品牌在市場中處於有利位置,因為產品具性價比,並在營銷和研發等方面增加資源。 瑞銀指,對特步專注於跑步類的戰略和加大對功能性童裝市場的投資持積極看法。同時預計安踏的利潤率將受惠Fila質量增長和成本控制支持。雖然短期內仍面臨疫情帶來的壓力,但認為所覆蓋中國體育用品股的估值不高,邁向明年,疫情封控措施的影響將有一個正常化的按年比較基礎。 該行內地體育用品首選股為李寧(02331.HK),評級「買入」,目標價87元,因為其庫存與銷售水平最健康,而且在品牌提升的支持下有堅實的產品管線改善機會。
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