《大行報告》瑞信:Nike於內地5月線上銷售升69% 中國體品股風險回報比率佳
瑞信發表研究報告指出,5月份內地傳統電商平台的運動服飾銷售額按年增長1%,低過4月份時反彈12%。按渠道劃分,抖音繼續實現按年增長71%(相對於3/4月按年增長逾90%),天貓/淘寶按年增長9%(4月份增長逾13%)。市場整體需求似乎疲弱。
該行認為,5月份國際體育用品公司於內地的表現明顯跑贏本土品牌,Nike(NKE.US)線上銷售按年增長69%,主要由於「618」促銷預售強勁、產品供應及中國到貨率更好,以及基數較低。本土品牌方面,Fila按年增長31%,李寧(02331.HK)跌3%,安踏(02020.HK)增長3%,特步(01368.HK)跌26%。
此外,該行相信未來幾年,一旦市場情緒穩定,領先的中國體品股仍將受市場偏好。在今年5月大幅調整後,該行認為中國體品股的當前價格具有良好的風險回報,安踏滾動市盈率預測約20倍,接近三年低位(19倍);李寧約為21倍,三年均值為31倍,並估計特步在消費降級環境下定位更佳。
瑞信對中國體品股投資評級及目標價表列如下:
股份 | 投資評級 | 目標價(港元)
李寧(02331.HK) | 跑贏大市 | 82元
安踏(02020.HK) | 跑贏大市 | 133元
特步(01368.HK) | 跑贏大市 | 11.3元
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