安踏体育(02020)Q1流水表现如期优异，运营质量持续提升

浙商证券04-18

安踏体育公布Q1流水，表现如期优异，运营质量持续提升。安踏品牌：欧文及奥运有望驱动后续季度流水提速。安踏主品牌流水增速在24Q1达到中单位数，同时我们预计Q1保持了稳定的零售折扣和周转效率；3/6发布的欧文一代球鞋反响良好，预计后续配色、产品线不断丰富有望拉动品牌关注度上行，叠加Q2开始陆续为巴黎奥运会预热宣传，我们期待后续流水表现提速。FILA品牌：流水继续展现优质增长。FILA品牌在23年流水...

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