金吾财讯 | 安踏体育(02020)早盘股价反复走高，一度升近5%，高见94.1港元，截至发稿，仍涨2.28%，报91.85港元，成交额6.5亿港元。安踏体育公布2025年第二季度营运情况，2025年二季度，安踏品牌、FILA品牌流水分别同比增长低单位数、中单位数，所有其他品牌流水同比增长50-55%。2025年上半年， 安踏、FILA、其他品牌零售金额同比分别取得中单位数、高单位数、60-65%的正增长。中金研报称，维持公司2025/26年EPS预测4.81/5.42元不变，当前股价对应17/15倍2025/26年市盈率，维持跑赢行业评级和目标价120.92港元不变，对应23/20倍2025/26年市盈率，较当前股价有35%的上行空间。该行预计伴随着安踏品牌线下门店和线上渠道管理架构的逐步调整到位，以及两个品牌相对较低的基数效应，安踏、FILA品牌有望实现2025年全年高单位数、中单位数的流水增长目标；对于其他品牌，该行认为安踏集团有望持续巩固自身的优质渠道优势并发挥多品牌运营管理能力，继续保持快速增长势头。
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