安踏體育 (2020 HK) 疫情下展現龍頭韌性 新品牌成未來增張新動力 香港 | 消費品行業(運動鞋服) | 首次覆蓋 September 10, 2020 1043

PSR Recommendation: BUY Status: Initiation
Target Price: HKDHKD94.90

投資概要
安踏體育於1991年成立於褔建晉江,主要業務涉及設計、開發、制造和營銷運動服飾,是國內領先的品牌運動服飾企業。公司成立初期主要為貼牌代工鞋廠,於1999年起由生產制造轉為品牌批發,推出自家服飾、運動配件產品等。在2019財年,公司年收入達人民幣339億元,過往十年以逾年複合增長率18%的增速成長,在行業中領先同行。同年亦入選Brand Finance的「2019全球最具價值服飾品牌」排行榜第21位和入選WPP與凱度華通明略發佈的「BrandZ™ 2019最具價值中國品牌100強」,成為體育用品行業唯一入選品牌,在「服飾」品類排名第一位。
公司於2016年提出‘單聚焦、多品牌、全渠道’的戰略方針,以運動作為公司發展焦點,拓展公司品牌矩陣,全面佈局街鋪、商場、百貨公司、奧特萊斯 (Outlet)及電商平台等渠道。透過多品牌策略之間的協同效應,安踏能在全方位覆蓋不同的需求,從大眾到高端、從時尚到運動、從兒童到成人。

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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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