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《大行報告》建銀國際微降安踏(02020.HK)目標價至106元 仍爲行業首選
阿思達克 07-19 14:09
建銀國際發表報告指出,第二季安踏品牌及FILA品牌的零售額按年增幅達高單位數及高雙位數,較首季增長略加快,主要由於消費逐步復甦、比較基數較低,以及FILA品牌季內線上渠道強勁銷售增長(60%至65%)。然而,公司零售增長略低過該行預期。公司其他品牌如Kolon Sports及Descente第二季的零售增長相對強勁,分別達70%至75%,相對於首季爲75%至80%,超出該行預期,並反映品牌的韌性。 此外,該行注意到在消費情緒疲弱且比較基數較高的情況下,安踏所有品牌6月份的零售增長有所放緩,季內至今亦無重大改善。然而,由於公司增加零售及營銷力度,以及積極調整產品供應,該行預期公司下半年收入增長由上半年的15%加速至16%。公司優化產品組合及經營槓桿更高,料下半年盈利增長24%,相對於上半年料爲22%。 該行將安踏2023及2024財年的盈利預測略爲下調1%及2%,主要反映第二季零售表現。對其目標價由107元微降至106元,仍爲行業首選,維持「跑贏大市」評級,重申在宏觀經濟和消費者偏好不斷變化的情況下,安踏多品牌戰略將成爲長期的主要競爭優勢。
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