《大行》招銀國際降安踏(02020.HK)目標價至111.54元 次季整體零售銷售略遜預期
招銀國際發表研究報告指,安踏體育(02020.HK)次季整體零售銷售增長略遜預期,主要受到安踏主品牌的影響,雖然其他品牌的表現可部分抵銷影響,但更大的負面影響則來自折扣上升。
該行對安踏下半年前景轉趨審慎,並將公司2025至27年的淨利潤預測分別下調3%、5%及5%,以反映更保守的毛利率預測和經營槓桿,將目標價由119.08元下調至111.54元。然而,由於戶外品牌增長異常強勁,且相對同行仍有競爭優勢,因此維持其「買入」評級。
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