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安踏增長夢遇阻 投資應點部署?

安踏體育(SEHK:2020)中期業績反映增長受挫,長線投資仍可買? –

安踏體育(SEHK:2020)過去積極併購擴張,股價多年來已翻幾倍。然而,疫市帶來逆風,安踏中期業績受挫,長線投資仍可買?

疫情期間少賺三成

新冠肺炎疫情為線下零售帶來沉重打擊,大眾外出消費意欲下降,不少零售品牌的銷售表現因而受挫。安踏作為中國體育用品龍頭品牌,疫市衝擊對上半年業績構成負面影響,但集團整體表現依然硬朗,期內收益按年下跌約1%至147億元(人民幣·下同),毛利更增加至83億元,同比增幅為0.4%,惟員工開支等經營成本增加,造成經營溢利較去年同期下跌約15%,股東應佔溢利則為17億元,同比跌幅接近30%。

核心品牌表現穩定

安踏過去積極尋求併購擴張,最成功的收購項目莫過於「FILA」。集團將「FILA」品牌整合,再進攻中國市場,成功得到大眾消費者青睞,這個品牌更成為了安踏的核心增長動力。中國內需持續擴張,大眾消費者對於選購高定價產品的意欲更高,「FILA」主打中高端市場,在疫前一直受惠於內需升級帶來的增長順風。疫市期間,這消費升級勢頭依然強勁,「FILA」的收入在上半年仍錄得約9%增長,收益貢獻更已超越定位較大眾的「安踏」。

值得注意的一點是,分銷商是體育品牌的重要銷售渠道,而疫情對這些分銷商的銷情打擊不會反映在安踏的業績之上。事實上,集團在期內就錄得了4,100萬元應收貿易賬款減值虧損,相對去年同期撥回1,800萬元,這主要反映出疫市期間,安踏向分銷商提供信貸的預期損失率有所上升。

長線增長前景明朗

雖然安踏在疫市期間增長失色,但「FILA」的硬朗銷售表現反映品牌忠誠度高,疫後復甦確定性較高。中國政府最近提出「內循環」,內需主題有望受惠重振,目前中國人均體育消費水平仍落後於發達國家,內需在疫後再度擴張及升級有望刺激體育消費,安踏旗下「FILA」作為中資背景的龍頭體育品牌有望成為大贏家。此外,集團的併購擴張步伐未有因「FILA」的成功而放緩,安踏在去年便組成投資者財團收購了「Amer Sports」,有望在中長線成為集團另一增長引擎。

結語

安踏在疫市的銷售表現硬朗,但中國市場的體育消費增長空間龐大,安踏的增長前景明朗,長線投資價值依然吸引。

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者Alvin Yu沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

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