《大行報告》匯豐研究普遍下調體育用品股目標價 偏好安踏(02020.HK)
匯豐研究發表報告指,內地體育用品市場正在轉變,增長將由小眾領域及品牌推動,下調龍頭品牌的盈利及市佔率預測,特別是李寧(02331.HK),行業當中偏好安踏(02020.HK),認為品牌多元化策略是股價差異化的主要原因。
報告指,內地體育用品股年初至今股價已跌26%,相信今年的盈利風險大致已反映,相信本地品牌佔據主要市場份額的日子將會結束,增長傾向小眾領域及品牌,明年行業增長將受宏觀經濟影響,估計今明兩年增幅分別為8.9%及9.8%,低於之前預測的10%及13%。
該行認為,安踏是定位最佳的本地企業,旗下品牌Descent、Kolon、Arc'teryx已取得戶外用品行業的增長機會,其評級為「買入」,申洲(02313.HK)受惠訂單周期改善,評級亦為「買入」,至於李寧、特步(01368.HK)、滔搏(06110.HK)及裕元(00551.HK)評級為「持有」,將李寧目標價下調38%至25.4元(詳見另文)。
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