安踏體育 (2020 HK) 24 個月快速增長計劃 贏領主品牌五年增長 July 29, 2021 287

PSR Recommendation: ACCUMULATE Status: Maintained
Target Price: HKDHKD178.24

投資概要
安踏體育在 7 月 8 日公佈公司第二季度及上半年營運數據,第二季度公司流水增長表
現亮眼,安踏主品牌 2Q21 流水同比增長 35%-40%;FILA 品牌 2Q21 流水同比增長 30%-
35%;其他品牌 2Q21 流水同比增長 70%-75%。上半年安踏和 FILA 零售表現勝公司原先
的預期增長。另外公司亦發佈未來 24 個月快速增長‘贏領計劃’,提供清晰的發展方
向。
在 2021 年第二季度,安踏主品牌流水同比增長 35%-40%,較 2019 年同期相比亦錄得
逾35%的增長,1Q21線上流水同比增長40%,較2019年同期相比錄得逾100%的增長。
上半年零售流水同比錄得 35%-40%增長,高於公司原先預期的 20%增長目標。整體折
扣回歸到常態化水平;目前庫銷比約 5x,維持在健康水平;第二季度線下售罊率較
2019 年提升 10 ppts。公司 DTC 轉型順利,在 1H21 DTC 門店店效提升,受益於公司線
上線下一盤貨的策略,1H21回收的安踏品牌店店效逾30萬,高於同期批發門店和2019
同期的店效。
FILA 品牌 2Q21 零售流水在去年高基數情況下依然錄得同比增長 30%-35%,與 2019 年
同 期 相 比 錄 得 逾 50% 的 增 長 ; 當 中 大 貨 / 兒 童 / 潮 牌 / 線 上 同 比 增 長 分 別 為
20%+/40%+/80%+/40%+。上半年 FILA 品牌整體零售流水同比增長 50%-55%,高於公司
原先預期的 30%。2Q21 折扣水平約 8 折(包含 Outlet),若不包含 Outlet, 折扣為 8.6
折,較 Q1 有所改善;庫銷比目前為 6x,較 2020 年有所改善。線下門店店效整體表現
較 2020 年和 2019 年均有所改善。
其他品牌1H21流水同比增長90%-95%,整2019年同期相比增加逾100%。迪桑特/Kolon
在 1H21 零售流水分別同比增長 100%+/40%+,較 2019 年同期則分別錄得增長
200%+/50%+。迪桑特估計在年底門店數目約 200 間,今年預期流水能超過 20 億。

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About the author

Profile photo of Timothy Chong

Timothy Chong
Analyst
Research

Timothy Chong received Bachelor’s Degree with first class honor in Banking and Finance from University of Leicester. He is currently studying Master of investment management in Hong Kong Polytechnic University. Before joining Phillip Securities, Timothy worked at BOCOM international and he is equipped with years of experience in the capital market. Timothy is now a licensed research analyst at Phillip Securities and covers Consumer / Property Management sectors.

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