金吾财讯 | 花旗发表中国体育用品股研究报告指出，预计行业第三季度零售销售将环比走弱，主因零售折扣力度未同步扩大，且疲软态势或将延续至“十一黄金周”。具体到个股，安踏旗下Fila品牌零售销售增速预计从第二季度的中单位数放缓至第三季度的低单位数，安踏主品牌销售增速则与第二季度持平，维持低单位数水平。该行特别提示，安踏全年零售销售指引（中单位数增长）存在下行风险。此外，李宁第三季度零售销售预计将环比下降中单位数，较第二季度的低单位数跌幅进一步扩大。盈利预期方面，花旗对安踏今明两年净利润的预测较市场共识分别低3%；对李宁同期净利润的预估则较市场共识低5%（今年）及3%（明年），并认为市场未来数周或同步下调两家公司今明两年的盈利预测。尽管下调预期，花旗仍维持对安踏及李宁的“买入”评级，目标价分别为111.6港元及18.1港元。
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