大行評級|里昂:看好安踏和泡泡瑪特 指其具有防禦性
里昂發表報吿指,美國對等關税差過預期,關税的直接影響是內地和東南亞的關税上調降低了代工公司及利用供應鏈進行海外擴展的公司的相對成本優勢,而間接影響則是與美國通脹和經濟衰退擔憂相關的不利財富效應導致全球消費類公司出現回調。美元可能走弱以及金價上升也可能對奢侈品公司構成阻力。
該行分析了代工公司在美國銷售的暴露情況、代工公司產能暴露情況以及品牌公司在美國的銷售暴露情況。為了尋求防禦性,建議關注面向國內需求而且具備市佔率擴張故事的品牌公司,例如安踏,也看好具備強大定價能力和靈活成本結構的公司,例如泡泡瑪特。另外,由於美國市場暴露程度低而且在中國市場勢頭強勁,Moncler可能也具有防禦性
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