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《大行報告》高盛:安踏(02020.HK)去年下半年純利高預期9% 核心盈利符預期
阿思達克 03-21 14:31
高盛發表研究報告指,安踏(02020.HK)去年下半年純利40億元人民幣,按年升3%,較該行預期高9%,這主要受惠於更好的其他收入,例如政府補助和外匯收益。集團的收入、毛利率和營運利潤率均大致符合預期。 該行表示,按品牌劃分,安踏的核心品牌銷售額7%,略低於預期的按年增長10%,但毛利率和營運利潤率符合預期;Fila按年下降2%,毛利率亦符合預期,儘管營運利潤率為17.4%,略低於預期的18.1%。下半年的其他收入表現強勁。但Amer的利潤貢獻在下半年僅2.06億元人民幣,而該行預測則為3.52億元人民幣。安踏的核心盈利符預期;庫存周轉天數為138日,比去年6月底的145天有所改善,但仍比2021年12月底高出11日。 該行指,市場將會關注集團今年對利潤組合的指引;季度至今的品牌趨勢和對流量、銷量的預測;品牌前景、庫存水平和零售折扣;及Amer的發展前景。該行維持「買入」評級,目標價129元。
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