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《大行》建銀國際:安踏(02020.HK)次季零售銷售符預期 升目標價至106元
阿思達克 07-17 10:44
建銀國際發表研究報告指,安踏體育(02020.HK)第二季零售表現符合預期,安踏品牌增幅較首季度的高單位數放緩,主要由於批發渠道調整及電商管道管理層變動導致「618」購物節銷售遜預期所致。 撇除Amer Sports上市帶來的16億元人民幣一次性收益,建銀國際預測安踏上半年收入及淨利潤將增長13%及15%。展望未來,建銀國際預期安踏下半年表現將有所改善,7月以來銷售表現已較表現平平的6月逐步改善,估計安踏品牌將透過有效地推出新產品及開展新店舖模式來帶動銷售復甦,預測全年利潤率保持穩定,下半年收入及經調整盈利料增長10%及16%。 建銀國際將安踏2025及2026財年淨利潤預測分別輕微上調1%及2%,目標價由104元上調至106元,維持「跑贏大市」評級。
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