安踏體育(2020.HK): FILA繼續推動增長,推出年輕子品牌 July 17, 2018

投資概要

公司一季度經營表現超預期,預計二季度收入增速將由於高基數放緩。下半年,FILA 品牌將受益於店鋪持續擴張、推出年輕系列產品、鞋服產品結構優化,而保持較高速 增長。新品牌繼續調整,預計2018年虧損將收窄。基於目標市盈率23.3倍(兩年歷史 平均減0.5個標準差),目標價47.3港元。(現價截至7月13日)

公司概況

18Q1業績增長超出預期。安踏品牌一季度實現20%~25%同比增長,非安踏品牌實現 80%~85%同比增長,主要是來自FILA、安踏兒童的持續增長貢獻以及去年同期基數較 低。管理層表示,二季度運營情況良好,存貨水準健康,但由於17Q2基數高,今年二 季度銷售額增長恐難以達到一季度的增幅。

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.

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!