【券商聚焦】方正证券维持安踏(02020)“强烈推荐”评级 指其增长具备长期可持续性

金吾财讯
Nov 03, 2025

金吾财讯 | 方正证券研报指出,安踏(02020)披露25Q3营运表现。安踏品牌零售额同比实现低单位数增长,FILA品牌零售额同比实现低单位数增长,所有其他品牌零售额同比实现45-50%增长。25H1相对稳健的复苏态势未能延续25Q3,夏季开始零售动能边际走弱。另外,相对异常的气候也影响25Q3服饰的销售节奏。该机构指出,25Q3安踏品牌的表现与大众运动市场整体趋势基本一致。公司推出了多款重点新品与技术平台,包括PG7新一代产品旅步2.5、搭载无氟安踏膜的全新一代风暴甲,应用六度芯科技的新一代羽绒服等。同时,安踏渠道业态持续优化。殿堂级门店、高端运动体验门店表现稳步提升。此外,安踏国际化布局在加速推进。该机构将安踏品牌全年零售额增长预期由中单位数下调至低单。该机构续指,25Q3FILA品牌受外部气温过高的影响,秋冬商品销售延后。品牌电商渠道运营能力已在618活动中得到验证,预计双十一和双十二大促会有佳绩。同时,FILA积极在中国网球领域布局,9月续约中国网球公开赛并升级为中网独家官方赞助商,并正式官宣布云朝克特成为FILA中国首位网球代言人。该机构维持FILA品牌全年中单位数增长预期。该机构表示,公司具备卓越的多品牌运营能力,旗下品牌矩阵差异化布局,发展路径明确,增长具备长期可持续性。预计公司25-27年归母净利润为135.9、148.0、162.1亿元,维持“强烈推荐”评级。

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