《大行報告》瑞銀上調安踏(02020.HK)目標價至142元 評級「買入」
瑞銀發表報告指,安踏體育(02020.HK)今年首季度銷售受到線上渠道和Fila kids的表現拖累,安踏品牌和Fila的銷售額按年分別上升中單位數及高單位數,低於預期。管理層維持今年安踏品牌和Fila銷售額增長10至20%的指引,目標Descente及Kolon的銷售額增長30%。
該行提到,雖然客流量錄強勁改善,但安踏傾向於等待消費者信心恢復的更多可見性,很可能要到勞動節假期後再重新審視指引。公司管理層預計淨利潤的增長速度將快於收入,與安踏品牌相比,Fila的改善更為強勁且速度更快,並不排除Fila的營業利潤率在今年達到25%的可能性。
該行將安踏目標價由140元上調至142元,維持「買入」評級。
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