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《大行報告》里昂下調安踏(02020.HK)目標價至123元 次季零售銷售大致符預期
阿思達克 07-19 09:45
里昂發表報告指,安踏體育(02020.HK)正以自動化和數字化升級工廠,管理層亦開發更多採用可持續材料的ESG產品,並不斷為供應商賦能可再生能源利用和碳排放監測。該行相信,集團對ESG的持續投入及長期投資者的認可將支撐其資金流。 該行提到,安踏第二季零售零售基本符合市場預期,庫存和折扣保持在健康水平。期內,安踏品牌、FILA及其他品牌的零售額按年分別增長高單位數、高雙位數、及介乎70%至75%。該行預計集團上半年的盈利將錄得強勁復甦,預期按年增長28%,並料由於毛利率復甦及積極的營運槓桿,將在下半年保持韌性。 該行維持集團「買入」評級,列其為首選股,並小幅下調目標價,由133元下調至123元,以反映消費情緒較弱的情況下出現估值調整。
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