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袁鉅文先生 (Aman Yuen)
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金融經濟系畢業, 從事股票衍生工具投資工作已有十年, 善於技術分析及期權買賣策略.歡迎各位來電交流心得
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安踏(2020)下半年業績有信心,料可保持上半年增長勢頭。

Wednesday, September 21, 2016 Views6870

安踏(2020)公布截至6月底止中期收入同比增长20.2%至61.4亿元,純利升17%至11.3億元(人民幣,下同),每股中期息34港仙。 股東應佔溢利11.3亿億,同比增加17% 。毛利率上升1.3個百分點至 47.9% 。

毛利率上升1.3個百分點至 47.9% 。主要是服裝毛利率上升3.2%至51.5%所影響; 對於鞋類收入增長近20%,但毛利率跌0.7個百分點,管理層解釋主要由於期內品牌面向大眾市場,顧客價格敏感度高,因此需提供更多折扣。他指根據第四季訂貨會的需求表現,料下半年毛利穩定,與上半年變化不大。

上半年成本與開支相對穩定,廣告及宣傳開支比率上漲0.2個百分點至11.2%。他指因應奧運投入,下半年廣告開支增加,料全年比率介乎12至13%。員工成本比率上漲0.4百分點至11.5% ; 研發河活動成本比率下降0.8個百分點至4.4%。

從品類看,安踏體育鞋類以28.7億元占據了46.7%的收入份額,同比增長了19.4%;服飾類收入則佔據了49.3%的份額,收入為30.3億元,同比增長22.5%。從渠道上看,截至今年6月30日,安踏店(包括安踏兒童獨立店)數目共8510家,較去年底增加21家,除了傳統的街邊店鋪外,還在積極尋找商場及百貨公司渠道;主要在一線城市佈局的FILA專賣店(包括FILA KIDS獨立店)數目共687家,較去年底增加47家。

集團計劃下半年最多開262間分店,集中在東北及北京。安踏及安踏兒童分店於年底將由8510間增加至最多8700間,FILA及FILA KIDS則由687間增至最多750間,DESCENTE由1間加到最多10間。

主席丁世忠表示,奧運對銷售的短期刺激作用有限,但長遠有助提升品牌認知度,因此對下半年業績有信心,料可保持上半年增長勢頭。目前FILA的收入佔比為20%,料於2020年突破30%。

 

建议買入
買入價:19.68
沽出價:21.66
止蝕價:18.9

 

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