金吾财讯 | 民银国际研报指，25Q2安踏(02020)及FILA流水分别+低单/ +中单，其他品牌超预期高增。FILA品牌折扣及库销比稳定，深耕高尔夫及网球等心智品类，清理库存为明年新品铺路。其他品牌表现延续强劲，Q2、H1流水分别+50~55%/ +60~65%。管理层对全年目标具备信心——维持安踏牌、FILA、其他品牌流水分别同比增长高单、中单、30%以上的全年流水目标不变。该机构预计集团毛利率有望稳定，原因是高端户外品牌如迪桑特、Kolon高增，对冲安踏及FILA线上增速高于线下的结构影响；25H1大型赛事相对少，新店型例如安踏冠军等表现较好，公司盈利能力有望保持稳健。预计公司2025E-2027E营收分别为782.5 / 867.4 / 960.8亿元，同比分别+10.5%/ +10.9%/ +10.8%，归母净利润为135.3 / 151.5 / 171.5亿元，同比-13.3%/ +12.0%/ +13.3%。现价对应25E PE为17.5倍。 维持买入评级，维持目标价112.00港元。
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