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《大行報告》中金降安踏(02020.HK)目標價21%至109.19元 評級「跑贏行業」
阿思達克 07-19 11:18
中金發表研究報告指,安踏體育(02020.HK)公布今年第二季經濟數據,安踏品牌及FILA品牌產品零售金額增速按季提升,零售折扣及庫銷比維持健康水平,而其他品牌亦延續高增長趨勢,相信主要是受惠於零售環境好轉及去年同期低基數效應。 該行指出,考慮到安踏的多品牌營運能力出色,各品牌銷售表現逐步恢復,經營效率亦有所提升,帶動盈利能力高質量發展,預測上半年收入將良好增長,利潤率亦將出現顯著改善。 但中金亦提到,由於國內終端消費尚處於弱復甦階段,將今明年兩年盈利預測下調3%,至3.33及3.94元人民幣,並維持「跑贏行業」評級,因應行業估值下調將目標價降21%至109.19元。
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