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《大行報告》瑞銀:安踏(02020.HK)最受惠中國重新開放 改列體品股首選
瑞銀發表報告指,將內地體品首選股由李寧(02331.HK)轉為安踏(02020.HK),因後者最受惠中國重新開放。在眾多國內品牌當中,Fila及安踏來自直接面向消費者(DTC)業務的收入佔比最高,而且去年受疫情影響最大。加上,在2021年及2022年分別贊助東京奧運及北京冬奧會盛事後,集團今年推廣及宣傳開支比例有所改善。該行預料安踏在2022年至24年每股盈利年均複合增長率為28%,李寧(02331.HK)及特步(01368.HK)則錄得每股盈利增長放緩,因此將安踏目標價由111元上調至135元,維持評級「買入」。 該行表示,鑑於李寧擁有最健康的庫存銷售水平,相信其可以更快地回應終端需求的復甦,並認為在升級過程中,公司的穩健渠道改善機會,獲品牌提升及消費忠誠度的支持,並將其目標價由79元上調至90元,維持評級「買入」。另外,該行亦看好滔搏(06110.HK)及特步,給予「買入」評級。 該行指,相比2020年首九個月的庫存備貨問題,認為目前體育品牌行業的情況已沒有如此嚴峻,尤其對主要國際及內地品牌,並預料在銷售強勁復甦的情況下,庫存水平有望今年次季恢復正常。(ca/k) ~
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