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《大行報告》摩通:內需行業選擇偏好體育用品 首選安踏(02020.HK)
摩根大通發表研究報告指出,中國體育用品股上半年業績符合預期或勝預期,安踏(02020.HK)、李寧(02331.HK)及特步國際(01368.HK)的總銷售額增長處於中十位數(mid-teens),跑贏中國消費行業8%,但盈利增長分化,安踏及特步分別增長32%及13%,李寧則跌3%。 該行稱,內需行業選擇偏好體育用品,主要的潛在驅動因素包括疫情後健康意識增強、本土品牌自豪感的持續趨勢,以及政府政策支持。而在中國體育用品股中,該行首選安踏。 該行認為,短期方面,安踏今年盈利增長28%的可見度不斷提高;旗下Amer「五個十億歐元」目標或能於今年實現,比原計劃提早一年;管理層將於10月舉行的投資者日分享未來3至5年的願景、戰略和目標。中期方面,該行指安踏品牌可能受惠於新管理層的改革和執行,以及新興品牌的持續強勁增長。長期而言,雖然宏觀不確定性,但該行看好公司多品牌組合有利,以及於同業中最有潛力進行海外擴張以贏得市場份額。 摩通對中國體育用品股最新評級及目標價表列如下: 股份|評級|目標價(港元) 安踏(02020.HK)|增持|152元 李寧(02331.HK)|增持|70元 特步國際(01368.HK)|增持|11.4元
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