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With effective from 24 Jun 2024, physical scrip deposited to account can only be sold after 10 working days for verification.
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基金經理觀點
> 正文
安踏-市場份額不斷提升,目標價122港元
5/10/2024 10:46:12 AM
安踏體育(02020.HK)是全球首家實現多品牌策略並取得成果的運動服飾公司,其Fila 品牌在國內成功轉型,以及Descente和Kolon品牌的良好業績,更證明了管理層的能力。旗下 AMER Sports進一步完善安踏的多品牌策略,增加了高端品牌如 Arc'teryx 和 Salomon。在如此強勁的表現下,公司三年預期增長目標(安踏/Fila +10-15%,Descente +20-25%,Kolon +30-35%)確實可實現。
零售銷售增長強勁
公司在4月17日披露,得益於新產品推廣活動的帶動,國內市場銷售顯示出強大的營銷能力和商品管道,這將推動更強勁的零售增長。隨著安踏贊助的2024巴黎奧運會以及美國籃球明星凱里·歐文相關活動在未來八個月內增加,預計零售增長將變得更加明顯。
不斷開拓市場份額,搶佔高端市場
產品創新和品牌提升是安踏長期增長的主要驅動力,即使消費者情緒不及疫情前的水平,公司也有望在國內獲得更高的市場份額。例如,Anta Kai 1(美男籃職聯 NBA 超級巨星凱里·歐文(Kyrie Irving)簽鞋)的推出,以及北京 ANTA Sneakerverse 店開業就是公司戰略部署的明證。公司計劃在下半年推出Kyrie Irving系列中的大眾存貨商品,包括運動鞋和服裝。此外,公司還可通過其持有之52.7%的Amer Sports推出更高端的運動品牌,如 Descente、Arc'teryx 和 Salomon同一水平之品牌,以吸引高端消費者。安踏可通過針對消費者口味推出不同的新產品,仿傚Fila在過去五年中取得的成功,提高這些品牌受歡迎程度。另外,公司還可在其同名品牌下推出更多高端產品,而其價格只及Nike和Adidas的一半。
安踏亦會繼續推出更多功能性運動服裝,特別在跑步和籃球等核心類別中,可幫助公司實現每年10-15%的零售增長目標。如Anta Kai 1雖於今年3月才推出,惟目前在其官方網站上已售罄。公司計劃在2024-26年間投入更多資本開發專業鞋類和服裝,如高爾夫和時尚產品,以實現2026年更強的銷售增長。
安踏在2022年擁有20%的市場份額,是國內運動服飾行業中最受投資者歡迎的公司之一。總括而言,由於Fila業務改善,新興品牌強勁增長以及 Amer Sports聯合營運的不斷貢獻,預計在2024-26期間年均收益將為16%。使用折扣現金流模型,以13.2%加權成本資本金和11.3%股權溢價計算,安踏目標價約為122港元,目前是中期投資者入市的良機。
黃偉棠
時富時富金融研究部
於香港和美國金融服務業擁有超過20年豐富經驗,擅長於投資、基金管理、資產管理、股票研究等多個範疇。持有美國加州柏克萊大學和香港大學多個碩士及學士學位、亦為註冊會計師 (CPA)、特許金融分析師(CFA),以及大學高級講師。
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