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【紅猴股評】[與管理層會面] 安踏體育(2020) 管理層會面筆記 (2017/07/17)


博立資本聯合創辦人Larry Hung於 本月10日參與安踏體育(2020)Investor Day,與管理層會面,要點如下:




watch 願景
1. 品牌升級 (”Buy from” to “Buy into”)即是消費者一想到需買體育用品時,一定會到集團旗下品牌選購
2. 商品創新(Launch設計平台,包括成立日本設計中心)
3. 零售精細化 (提升顧客體驗,全年做到有1,000家第8代店舖; 2017年目標有1,000萬會員,貢獻銷售30%;做好門店直配、快迫,將來20%貨品不會出現在訂貨會)
4. 渠道轉型(結構調整 – 逐漸提升shopping mall店貢獻、區域突破、電商突破) 目標方向
優化管理能力 (品牌管理+零售營運)


click here 2017年目標
– 整個集團:15-20%銷售增長
– 安踏品牌:中雙位數銷售增長
– FILA品牌:30%銷售增長,2020年銷售達100億元(目標店效700萬,Unit per transaction現在3件),將來開更大的Flagship store
– Descente品牌:2020年銷售達25億元,400家店(現時部分店也做到店效600萬);CEO為南韓人,之前在FILA工作; 2018年啟動高爾夫副品牌; 2019年目標線上生意占比突破10%; 2021年開展青少年產品線
– 全集團:超過11,000家店


市場現時預期今年每股盈利為1.089元人民幣,博立資本聯合創辦人Michael Kan跟進過往數年的股價模式,以23倍市盈率作估值,現時預測今年於正常市況下,最高估值為$28.7,若果大市持續轉牛,則還有上衝空間。





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