金吾财讯 | 国信证券研报指， 4 月10日，安踏体育(02020)2025 第一季度：较高基数上各品牌流水增长出色，集团整体流水增长双位数，库存水平健康、折扣稳定。另外，收购德国户外品牌狼爪（Jack Wolfskin)，交易对价2.9亿美元，PS低于1。
该行看好集团多品牌全球化运营下，持续好于行业的成长潜力。2025年以来运动消费呈现较好的增长势头，安踏一季度流水增速好于市场预期，同时在并购方面再下一城，进一步加大高景气户外赛道布局。中长期，安踏集团凭借在中国市场多层级的品牌矩阵和全球市场多品牌的布局，有望持续增强在全球运动市场的竞争力。
该行维持盈利预测，预计2025-2027年归母净利润分别为134.8/154.6/170.0亿元，可比口径的利润增长分别为13.0%/14.7%/10.0%。近期股价跟随港股回调但基本面出色，促内需+利好体育消费的政策驱动下有望进一步受益。该行维持113-118港元合理估值区间，对应2025PE 22-23X，维持“优于大市”评级。
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