《大行報告》大摩:安踏(02020.HK)3月下半月銷售受冷天氣短期影響 但料不影響復甦趨勢
摩根士丹利發表研究報告指,安踏(02020.HK)旗下安踏及FILA品牌今年首季增長仍然樂觀,當中FILA表現較安踏好,線上表現亦較實體店強;而安踏品牌線下業務則較線上理想,預測Descente和Kolon都有望在今年實現按年增長30%的目標。
該行指出,3月下半個月安踏整體零售額受到寒冷天氣打擊,但相信是短期因素,未會對整體復甦趨勢造成影響。截至2月底,安踏和FILA的存銷比降至4.5至5倍,但新春過後系列產品增加,大摩預期比率於3月底會較高。
大摩又指,安踏及FILA品牌店舖面積持續增加,但坪效有所下降,公司計劃今年安踏淨開150至250家門店,安踏童裝開設100至200家門店,並將在低線城市開設更多特許經營店。大摩給予安踏目標價135元,評級「增持」。
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