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《大行報告》野村下調安踏(02020.HK)目標價至194.6元 評級「買入」
阿思達克 10-19 10:35
野村發表研究報告,指安踏體育(02020.HK)核心之安踏品牌第三季零售銷售增長為低雙位數,升幅較上半年表現明顯放慢,不過由於品牌折扣減少,同時庫存健康,管理層維持對今年零售銷售錄逾20%增長的預測。 該行補充,旗下Fila品牌第三季面對的挑戰更大,因受封城政策影響,令銷售增長降至中單位數,較上半年表現(首季錄升75%至80%及次季升30%至35%)大幅倒退;而折扣率維持在14%,庫存見輕微增加,管理層指今年銷售增長可達20%至25%。但該行將其增幅預測由34.7%降至25%,以反映市場競爭加劇的因素。 野村表示,整個體育用品行業第三季銷售均出現銷售下降的情況,主因受到疫情、水浸和較暖天氣所影響,而相對國際品牌面對較少供應鏈問題,相信本地體育品牌銷售在第四季會有改善,與安踏管理層預期一致,重申其「買入」評級,目標價則由205.1元降至194.6元。
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