安踏體育 (2020.HK): Descente有望受益於冬季運動普及 January 24, 2018 1216

投資概要

我們認為值得注意的是:1)Descente有望受益於冬季運動普及;2)新物流中心即將投入使用;3)主要品牌營運情況良好;4)電商管道增長迅速。假設26倍市盈率(鞋服行業平均市盈率),得到目標價40.37港元,中性評級。(現價截至1月22日)

公司概況

新物流中心即將投入使用。我們瞭解到,公司新的物流中心將在2018年5月投入使用,這將進一步縮短貨物從倉庫到經銷商、直營店鋪的時間(從原來1個月縮短至最快2天),提高公司的補貨速度,能讓公司對市場情況、消費者喜好變化作出更快的反應。

主要品牌營運情況。我們瞭解到,目前安踏品牌運營狀況良好,存貨水準正常,同店銷售額不斷提高,預計安踏品牌2017全年實現中雙位數的同比銷售增長。Fila品牌進駐更多一線城市中心商圈,預計年增長不低於30%。由於今年入冬時間早,北方市場冬季保暖防寒衣物暢銷,我們預計第四季度業績表現良好。

Descente有望受益於冬季運動普及。Descente引進於2016年,目前產品主要為進口,公司正在努力實現產品的本土化並且補充夏季產品以提高銷售收入,該品牌預計將在2018年新開50家店左右。2022年冬季奧運會將在北京召開,北京政府出臺的《關於加快冰雪運動發展的意見(2016-2022年)》規劃指出,到2022年,將增加北京市參與冰雪運動人口至800萬,加強對學生及民眾的冰雪運動知識教育,新建滑冰場、嬉雪場地運動場地等。我們認為這些普及冰雪運動的措施有利於配套鞋服產品的銷售,公司將加大對冬季運動的宣傳,將Descente打造成卓越的冬季運動品牌。

Kolon品牌填補戶外產品空白。公司於2017年9月與韓國Kolon成立合營公司運營中國市場的Kolon品牌。Kolon在中國擁有200多家店嗎,針對中高端市場,不僅提供專業的戶外裝備,也以戶外休閒產品著稱,產品兼具時尚性與功能性,代言人為人氣偶像宋仲基。此前安踏並無戶外產品,此次合作填補了公司戶外產品的空白。我們期待安踏運用自身卓越的運營管理能力與強大的管道網路,進一步開拓戶外產品市場。全面的童裝產品線。我們看到目前公司的童裝產品線日益完善,完整覆蓋低端至高端市場,服務的客戶年齡階層從0至14歲。安踏兒童主打中低端市場,以運動風格為主。Fila兒童主要定位中高端客戶,產品主打休閒時尚風格,預計Fila兒童將隨著Fila成人系列的擴張快速發展。2017年公司收購香港童裝品牌小笑牛,進一步擴充中高端童裝產品線。小笑牛在香港、臺灣及中國大陸擁有80家左右門店,目前小笑牛店鋪正在經歷調整,預計貢獻盈利仍需要一段時間。

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About the author

Profile photo of Eurus Zhou

Eurus Zhou
Phillip Securities (HK)

Graduated from Hong Kong Polytechnic University, Master of Finance (Investment Management). Possess bachelor degree majoring in Financial Management from Southwestern University of Finance and Economics. Focus on industry prospect and corporate fundamentals to explore investment value and cover pharmaceutical and consumer industry.

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