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《大行報告》海通國際首予李寧(02331.HK)、安踏(02020.HK)及特步(01368.HK)「優於大市」評級
海通國際發表研報指,疫情過後中國體育用品行業持續增長,人均開支提升,預期行業規模至2026年將達到5,940億元人民幣,憧憬滲透率可從目前的14%提升至介乎20%至25%水平。 該行預期2023至2026年期間李寧(02331.HK)、特步(01368.HK)銷售平均增速將達到中雙位數,安踏(02020.HK)旗下安踏品牌增速介乎高單位數至10%,FILA品牌增速則達中雙位數。海通國際又指,Nike(NKE.US)等國際品牌透過科技研究,產品競爭力無人可匹敵,而在國內品牌當中李寧和特步在科技發展方面最迅速。 該行預期李寧2023至2025年各年收入將分別達到297.7億、345.7億及400.1億元人民幣,純利達到44.6億、55.6億及67億元人民幣,看好李寧擁有多個運動鞋類技術平台,首次給予「優於大市」評級,目標價55.5元。 海通亦看好特步主品牌專業跑鞋的定位,首次給予「優於大市」評級,目標價10.3元,預測2023至2025年收入達149.2億、176.5億、205.1億元人民幣,純利達到11.2億、14.3億及17.4億元人民幣。 至於安踏,海通預測2023至2025年各年收入可達到623.8億、719.8億及826.2億元人民幣,淨利潤料達93億、113.3億及135.6億元人民幣,同樣首次給予「優於大市」評級,目標價104.6元。
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