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研報掘金丨國盛證券:安踏體育Q2表現符合預期,預計全年業績增長25%左右,維持“買入”評級
格隆匯 07-19 13:40
格隆匯7月19日丨國盛證券18日研報指出,安踏體育(2020.HK)Q2表現符合預期。單Q2安踏品牌流水增速為高單位數,Fila流水增速為10%-20%高段,其他品牌流水增速達70%-75%。H1安踏品牌增速為中單位數,Fila流水增速為10%-20%中段,其他品牌流水增速達70%-75%,整體表現符合預期,其他品牌表現略超預期。全年來看,該行預計公司業績增長25%左右。公司各品牌終端流水錶現基本在預期之內,折扣改善趨勢也逐步顯現,我們預計全年營收有望實現較快增長,Fila品牌及其他品牌表現有望更佳。利潤率方面,隨着折扣的收窄以及終端流水改善帶來的運營槓桿幫助,預計2023年業績增長25%左右,利潤率改善。公司作為全球運動鞋服龍頭之一,旗下品牌高效運營成果顯著,預計公司2023-2025年歸母淨利潤為95.53/114.41/136.84億元,現價84.5港元,對應2023年PE為23倍,維持“買入”評級。
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