《大行》花旗:安踏(02020.HK)上半年營運利潤急增 受政府補貼超預期及廣告推廣費用基本持平推動
花旗表示,安踏體育(02020.HK)集團層面2025年上半年營運利潤按年增長17%,較市場預期高出達10%,主要得益於高於預期的「其他收入(主要是政府補貼)」按年增長63%,以及低於預期的廣告及推廣費用(僅按年增長1%),儘管銷售額(按年增長14%)及毛利(按年增長13%)符合預期。安踏品牌業務營運利潤率表現強勁(按年提升1.5個百分點),受惠於低於預期的廣告及推廣費用佔銷售額比率(集團層面按年下降0.9個百分點至6.6%)及高於預期的政府補貼(集團層面按年增長64%至12億元人民幣)。雖然Fila品牌業務營運利潤率按年下降0.9個百分點符合預期,但其他品牌業務的營運利潤率在2025年上半年表現出色,達到33.2%(按年提升3.3個百分點)。評級「買入」,目標價111.6元。
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