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《大行報告》匯豐研究上調安踏(02020.HK)目標價至110.4元 中期業績勝預期
阿思達克 08-23 09:49
匯豐研究發表研究報告指,安踏體育(02020.HK)中期業績勝預期,經營利潤率(OPM)提升3.4個百分點至25.7%,純利增長32.3%至47.48億元人民幣,較預期高5%。 該行指出,管理層長期OPM增長指引符合全年預期,而上半年Fila及其他品牌OPM分別達到29.7%及30.3%,大幅超出該行預期,主要來自於經營槓桿改善及單店銷售生產力強勁增長。 管理層指出同店銷售增長繼續推動銷售,預期Fila及其他品牌的強勁利潤率表現可持續,相應地的匯豐研究將安踏今明兩年OPM預測從22.4%上調至24.8%及24.9%。 但考慮到國內消費趨勢疲軟,該行亦將安踏今明兩年收入增長預測從17.3%及16.3%,下調至16.7%及14.7%,預期安踏品牌重組及未來發展加快可能成為估值重估的催化劑,維持「買入」評級,目標價由103.3元上調至110.4元。
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