《大行》瑞銀升安踏(02020.HK)目標價至122.3元 評級「買入」
瑞銀發表研究報告,指考慮到安踏體育(02020.HK)旗下Amer Sports盈利貢獻超預期,上調2025至2027年淨利預測,對安踏目標價從原先115.7元上調至122.3元,評級「買入」。
瑞銀表示,截至2024年底,Super Anta、安踏冠軍店分別有45家和80家。2025年首五個月,冠軍店銷售按年翻倍,月均銷售達55萬元人民幣。管理層稱,冠軍店營業利潤率優於集團平均水平。Super Anta單店月均銷售通常是普通門店(月均30萬元人民幣)的兩至三倍,其中80%產品為新開發款。
該行認為,Super Anta、安踏冠軍店商業模式旨在通過更大面積門店銷售核心產品,冀降低產品成本與加成,提供價格具競爭力的產品,其目標盈利能力與安踏核心品牌一致,毛利率較低但營業費用率也更低。這些新門店業態雖僅佔門店總數1%至2%,但有助於吸引新客戶。
瑞銀指安踏管理層表示,今年將有幾個因素影響集團整體利潤率,利淡因素包括(1)收購JACK WOLFSKIN;(2)政府補助減少及利息收入下降;(3)與FILA重組及投資相關的費用。
利好因素則包括(1)Descente和Kolon的強勁銷售帶來更高營業利潤率;(2)今年庫存撥備減少;(3)Amer的業績好於預期。
瑞銀指,安踏旗下品牌FILA正重組進行中,關於FILA長期增長,管理層指引其增速將超越經濟增長,新任CEO帶來的重組及品牌投資費用,將對FILA利潤率帶來一定不確定性,但全年營業利潤率指引仍維持25%。
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