研報掘金|國泰君安:維持安踏體育“增持”評級 首季流水符合預期
國泰君安發表研究報吿指,安踏體育首季流水符合預期。當中安踏主品牌及FILA的流水增速,分別為中單位數及高單位數增長。至於其他品牌的流水增速,則錄得25%至30%增長。該行表示中國運動行業進入總量平穩、結構分化的新階段,安踏作為市場上稀有的多品牌運動龍頭,能配合新發展趨勢。國泰君安因而維持公司2024至2026財年公司歸母淨利預測,分別為132.6億元、140.7億元以及160.8億元,並維持“增持”評級。
該行亦指,安踏2024年至今的流水完成率為100%。在產品端方面,該行指公司旗下主品牌歐文系列限量發售,導致流水貢獻相對較小。不過同時預計,在今年第三或第四季的大規模發售後,相關品牌有望帶動公司銷售。在渠道端方面,公司門市平穩擴張,主品牌將逐步開設殿堂級大鋪。另外,冠軍鋪數量計劃亦將提升至90間。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.