安踏体育(02020)2023年全年业绩表现亮丽，受益于多品牌策略（繁体版）

第一上海04-16

2023年全年业绩概况：公司收入录得623.6亿元人民币(同下)，同比增长16.2%；受益于所有品牌的推动。毛利率提升2.4pct至62.6%(创新高，受益于安踏主品牌的毛利率在DTC模式推动下的提升和Fila零售折扣率的改善)。经营开支比率：广告及宣传开支和员工成本比率分别减少2.1pct到8.2%(受益于正面的经营杠杆效应和期内较少大型广告、行销项目的影响)及减少0.2pct到14.9%。因此...

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Performance商誉及商标减值1131百万元的影响，录得718百万元的亏损。最终归母净利润同比增长34.9%至102.4亿元。建议派发末期每股股息1.15港元(全年派息比率为50.7%)。总体业绩表现亮丽。自由现金流为178亿元，库存周转天数减少15日到123日。资产负债状况也非常强劲，持有净现金大幅增加到335.7亿元。安踏主品牌表现符合预期：期内，安踏主品牌收入增长9.3%到303亿元；受益于零售市场的回复和DTC模式转型的贡献。按管道来看，DTC、电商和传统批发及其他业务分别增长+24.2%、+2.6%及-22.7%；占比为56.1%、32.8%及11.1%。毛利率提升1.3pct到54.9%，主要受益于DTC模式下毛利率相对较高的影响。经营利润率增加0.8pct到22.2%(受益于毛利率的带动)。安踏成人在12月底有7053家店(增加129家)，安踏儿童有2778家(增加99家)；安踏成人和儿童的DTC门店分别达5,400(44%为自营)和2,300(64%为自营)。安踏品牌的店效大概在28-29万元。FILA品牌增长优于预期，其他品牌维持快速增长：FILA品牌和其他品牌收入分别增长16.6%及57.7%%到251亿元和69.5亿元。FILA品牌的增长主要受益于零售市场的恢复和电子商务业务的增长。其他品牌的增长主要由DESCENTE和KOLON业务所带动。FILA品牌和其他品牌的毛利率分别提升2.6pct和1.1pct到69.0%(受益于FILA零售折扣率的改善)及72.9%。这两品牌的经营利润率分别增加7.6pct及6.5pct到27.6%及27.1%。在12月底，FILA共有1972家门店(减少12家)；Descente及Kolon门店数则分别为187家(减少4家)及164家(增加3家)。Fila的店效为约100万元；Descente及Kolon的店效分别为约200万元和100多万元。2024年的展望：展望全年预计安踏及FILA品牌的流水能有双位数的增长；广告及宣传开支比率应会增加(合理区间应在8-10%左右)，安踏主品牌和FILA品牌的经营利润率预计分别为20%和25%左右。派息比率维持在50%。目标价119.1港元，维持买入评级：2024年全年业绩亮丽，优于行业。纵使内地消费行业表现比较波动，但集团还是能做出高品质的增长；显示集团“单聚焦、多品牌、全管道”发展策略的优势。我们继续看好集团未来的发展。我们维持买入评级，目标价为119.1港元，相当于2024年25倍PE。风险因素：宏观经济的变化、主品牌和Fila表现不及预期、原采料价格的波动、行业库存及国际因素的影响等。","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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