【券商聚焦】国证国际维持安踏体育(02020)“买入”评级指公司将优先享受行业发展带来的红利

金吾财讯

Sep 03, 2025

金吾财讯 | 国证国际发研报指，安踏体育(02020)2025H1集团实现收入385.44亿元，同比增长14.3%，剔除Amer上市利得影响后，股东应占溢利为70.3亿元，同比增长14.5%，好于该机构此前预期。此外，Amer实现扭亏，贡献利润约4.3亿元(24H1为亏损0.2亿元)。毛利率同比下降0.7pp至63.4%，剔除Amer上市利得影响的归母净利润率18.2%，同比持平。该机构表示，25H1实现收入169.5亿元，同比增长5.4%。主品牌持续打造多店型，安踏冠军吸引中高收入人群，ANTA SNEAKERVERSE针对热爱球鞋文化的年轻潮流群体，超级安踏则聚焦重性价比人群，精准服务不同消费群体。此外，由于线上收入占比提升以及品牌加大专业产品投入，毛利率同比下滑1.7pp至54.9%。经营利润率同比提升1.5pp至23.3%，主要是政府补贴加大的影响。该机构续指，公司作为中国体育用品行业的龙头企业，将优先享受行业发展带来的红利。由于上半年业绩略超该机构预期，该机构上调2025-2027年EPS至4.84/5.36/5.88元(前值为4.72/5.26/5.88元)，参考历史估值水平给予2025年22倍PE，上调目标价至116港元(前值为113.6港元)，维持“买入”评级。

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