《大行》摩通上調安踏(02020.HK)目標價至142元 維持「增持」評級
摩根大通發表報告,認為安踏體育(02020.HK)今年第二季度至今延續首季的穩定趨勢,加上庫存狀況健康,銷售及業績樂觀等因素,上調安踏體育目標價,由140元升至142元,原本價為140元,維持「增持」評級。
摩通維持安踏體育今年零售銷售指引,旗下安踏、Fila、其他品牌分別達高單位數、中單位數、超過30%增長。維持今年經營利潤率指引,安踏、斐樂、其他品牌分別為20%至25%、約25%,以及25%至30%。此外因安踏加大對Maia Active的投資,以及計劃6月完成Jack Wolfskin收購,該行上調安踏體育2025至27年盈利預測1%至2%。
不過該行認為,上半年經營利潤率可能受庫存減值撥回正常化(2024年上半年約3億元撥回)、政府補助正常化(2024年上半年7.32億元,部分來自2023財年延遲補助),以及利率下行(導致利息收入減少)拖累。
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