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大行評級 | 大摩:料安踏次季銷售勝預期 予目標價135港元
格隆匯 04-13 15:06

格隆匯4月13日丨大摩發表報指,安踏體育(2020.HK)首季表現符合預期,第二季初至今則有混合影響,但仍看好整體增長,予公司目標價135港元,評級“增持”。

大摩指出,安踏品牌2023年首季零售銷售錄中單位數增長;FILA品牌則升高單位數,符合該行預期。其中,户外品牌銷售增長75%至80%表現大幅高於全年預測,該行預期公司提高全年户外品牌目標。

至於4月1日至10日,安踏品牌零售續錄中單位數增長;FILA品牌則加快增長至約50%。管理層未有詮釋安踏品牌銷售放緩情況,但不認為短期趨勢會影響整個次季表現。該行認為,上述情況由於安踏品牌CEO人事調動,可能調整部分較低質素業務。基於安踏品牌良好,及消費需求持續復甦,該行認為業務調整見效,且不會干擾今年安踏品牌復甦。

據該行估算,第二季公司總零售銷售增長率應較預測高出5至10個百分點,另預期於黃金週及第二季總銷售增長強勁。大摩亦認為,縱使管理層鋭意於未來6至12個月重組安踏業務,但FILA,Descente品牌等強勁趨勢將對今年收入及盈利預測有支持作用。

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