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《大行》交銀國際:安踏體育(02020.HK)上半年整體業務穩步向好 目標價110.2元
阿思達克 07-18 11:14
交銀國際發表研究報告指,安踏體育(02020.HK)今年次季,旗下安踏、FILA及所有其他品牌分別錄得低單位數、中單位數50%至55%的按年流水增長,符合預期。儘管行業競爭激烈,管理層仍然維持全年各品牌的增長指引(安踏、FILA、所有其他品牌按年增長高單位數、中單位數30%)。 該行認為安踏體育下半年整體業務向好,維持對其未來三年的收入預測大致不變,但略微下調未來三年的利潤率預測,預期2025至2027年淨利潤為134.1億至165.4億元人民幣,基於2026年20倍市盈率,給予目標價110.2元,維持「買入」評級。
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