金吾财讯 | 开源证券研报指，2025Q1安踏体育(02020)流水中双增长，安踏/FILA/其他品牌（含MaiaActive）流水+高单/+高单/+65-70%，FILA及其他品牌表现好于预期，总体线上增长近20%，线上表现好于线下。该行指，公司经营指标良好：库销比<5，环比Q4底改善，线下折扣持平、线上折扣略有加深。预计常规门店调改、新业态蓬勃发展有望带动店效增长，新业态中，超级安踏以性价比及丰富产品线为优势，店效显著高于普通大货门店；安踏冠军通过赞助和产品结合，吸引中高端消费者，预计平均月店效超过50万元。该行维持盈利预测，预计2025-2027年归母净利润134.6/149.9/165.7亿元，当前股价对应PE为16.6/14.9/13.5倍。公司各品牌定位清晰，主品牌成功打造爆品并于新业态取得突破；Fila潮牌及儿童调整迅速，预计组织变革后持续高质量增长；高端垂类品牌预计维持高速增长；收购狼爪补全户外矩阵并加速全球化渠道发展，深化单聚焦、多品牌、全球化战略，维持“买入”评级。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.