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《大行》里昂:內地運動品牌增長快於服裝行業 首選安踏(02020.HK)升目標價至116元
里昂研究報告指,留意到內地運動服飾品牌持續擴大市佔率,上半年銷售按年增長4.2%,優於服裝及配飾行業的3.1%增幅,但仍落後整體消費品5%的按年增速,亦可以解釋到板塊情緒相對溫和。 該行指,安踏體育(02020.HK)爲市佔率最大贏家,而國際品牌則流失份額。該行預期其覆蓋的內地品牌將在收入及盈利能力上超越國際運動零售商。另外,第三季的基數較低,品牌的零售額有望按季改善,但折扣壓力仍然存在。 該行首選安踏,將2025至27年銷售額預測輕微上調2%,淨利潤預測上調1%,目標價由114至升至116元,予「跑贏大市」評級。至於李寧(02331.HK),該行料下行空間有限,但需等待更多基本面催化劑,故維持「持有」評級,目標價16元。 同時,該行下調特步(01368.HK)2025至27年銷售預測1%至2%,盈測則降介乎3%至5%,但將目標價由5.9元上調至6.3元,基於風險回報比維持「跑贏大市」評級。
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