安踏體育2季度流水符合預期，上半年整體業務穩步向好

交銀國際

2025/07/17

2季度流水符合預期，管理層重申全年指引：根據公司公告，2025年2季度安踏/FILA/所有其他品牌分別錄得低單位數/中單位數/50-55%的按年流水增長，符合預期。儘管行業競爭激烈，管理層仍然維持全年各品牌的增長指引(安踏/FILA/所有其他品牌按年增長高單位數/中單位數/30%+)。我們維持對未來三年的收入預測大致不變，但考慮到行業折扣力度，略微下調未來三年的利潤率預測。我們預期2025-27年...

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year","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"82020":0.6,"02020":1,"ANPDY":0.6},"content_text":"2季度流水符合預期，管理層重申全年指引：根據公司公告，2025年2季度安踏/FILA/所有其他品牌分別錄得低單位數/中單位數/50-55%的按年流水增長，符合預期。儘管行業競爭激烈，管理層仍然維持全年各品牌的增長指引(安踏/FILA/所有其他品牌按年增長高單位數/中單位數/30%+)。我們維持對未來三年的收入預測大致不變，但考慮到行業折扣力度，略微下調未來三年的利潤率預測。我們預期2025-27年公司淨利潤為134.1-165.4億元人民幣，基於2026年20倍市盈率，給予目標價110.20港元，維持買入評級。我們仍然視安踏為運動品行業的首選公司，我們相信安踏公司的多品牌策略、穩健的運營能力可以幫助公司持續錄得優於同業的業績表現。安踏品牌銷售勢頭放緩，下半年線上渠道有望改善：安踏品牌2季度流水恢復勢頭按月1季度略微放緩(1季度流水增速按年高單位數)，略低於預期。主要受到1)線下渠道的短期調整，公司正在推動加盟商門店升級，「關小店開大店」；2)線上渠道期內承壓，618期間行業折扣加劇影響增長。截至2季度末，安踏品牌庫銷比約為5個月，折扣率保持在合理水平。管理層預計下半年電商渠道有望恢復，維持安踏品牌全年高單位數增長指引。我們看到安踏品牌的新業態門店仍在優化當中，我們期待冠軍店、超級安踏等店型未來更好的店效表現，有望推動線下渠道的發展。FILA品牌恢復趨勢穩固，其他品牌繼續高速發展：FILA2季度錄得中單位數流水增長，符合公司預期。庫存方面，公司策略性地加大了電商渠道的折扣力度(按年加深2個百分點)以優化庫存，截至2季度末FILA品牌的庫銷比改善到5個月的水平。迪桑特、可隆延續高速增長，勢頭不減，2季度分別錄得了按年40%+/70%+的高增速；同時，新收購品牌Maia 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