《大行報告》大摩:安踏(02020.HK)銷售趨勢正面 風險回報吸引
摩根士丹利發表報告指,安踏體育(02020.HK)上季銷售趨勢正面,再次顯示在宏觀經濟疲弱的情況下,運動服飾需求仍具有韌性。該行相信,一旦宏觀前景改善,龍頭企業獲重新評級的空間可能很大,認為安踏的風險回報具有吸引力。大摩予安踏「增持」評級,目標價124元。
該行表示,綜合集團所有品牌,預計集團第三季零售額將按年增約13%,基於今年第三季的比較基礎相當中性,投資者或會利用該季的銷售增長來推斷2024年的基本增長狀況。該行認為,這次銷售表現應該有助加強投資者信心,即使宏觀條件不變,集團亦可能在2024年錄得雙位數增長。
對於集團在黃金週的銷售增長較9月和第三季強勁,基於第四季度剩餘時間的比較基數較低和近期趨勢,該行認為安踏和FILA在第四季可能分別增長約20%和約25%,帶動今年零售銷售增長分別為約10%及約15%。
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