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《大行報告》大摩下調安踏(02020.HK)目標價至124元 評級「增持」
阿思達克 08-22 15:51
摩根士丹利發表研究報告指,為應對宏觀挑戰,安踏體育(02020.HK)為旗下各個品牌都制定了穩健增長策略,看好其今年盈利可實現按年增長26%,其中安踏品牌及FILA料將更為關注利潤率改善、折扣水平及庫存情況,而非如何推動零售額增長,給予「增持」評級。 大摩估計,安踏品牌的增長步伐將從今年第四季起改善,至於Descente及Kolon則預計為集團全年總收入帶來約4%增長貢獻;集團全年收入則看升18%。 該行預測安踏上半年收入可按年增長16%,盈利料增長24%,當中安踏品牌、FILA及其他戶外品牌收入增長料達到9%、14%及72%,主要來自於折扣幅度下降、庫存價值減記減少等因素。安踏及FILA第三季零售額料增長7%至9%,第四季則預測增長20%至25%。 但考慮到內地零售銷售增長放緩、廣告及推廣開支(A&P)提升及員工成本增加,該行將安踏2023至2025年銷售預測分別下調2%、5%及7%,淨利潤預測則分別下調4%、10%及10%;經考慮今年4月配股後,每股盈利預測下調8%、14%及14%,相應將目標價由135元下調至124元。
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