安踏体育大手笔收购PUMA29%股权，多品牌全球化布局再一里程碑-拟收购公告点评

光大证券01-28

事件：安踏体育公告拟收购PUMA29.06%股权。公司于2026年1月27日公告，拟按每股普通股35欧元的价格收购目标公司PUMASE29.06%股权，交易总对价为15.06亿欧元(折合人民币约122.8亿元)，按目标公司24年净利润计算PE为15倍。相较PUMA1月26日收盘价21.63欧元，交易对价溢价率为62%。交易完成后公司将成为PUMA的少数股东、对其确认投资损益，交易所需资金将由公司...

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announcement","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"82020":0.9,"02020":1.5,"ANPDY":0.6},"content_text":"事件：安踏体育公告拟收购PUMA29.06%股权。公司于2026年1月27日公告，拟按每股普通股35欧元的价格收购目标公司PUMASE29.06%股权，交易总对价为15.06亿欧元(折合人民币约122.8亿元)，按目标公司24年净利润计算PE为15倍。相较PUMA1月26日收盘价21.63欧元，交易对价溢价率为62%。交易完成后公司将成为PUMA的少数股东、对其确认投资损益，交易所需资金将由公司自有资金拨付。点评：标的公司PUMA：享誉全球、历史沉淀深厚的全球领先运动品牌PUMA品牌成立为1948年，为享誉全球、历史沉淀深厚的国际领先运动品牌。2024年PUMA实现营业收入88.2亿欧元(折合人民币约727.3亿元)，净利润3.4亿欧元(约28.2亿元人民币)，净利率为3.9%。2025年以来PUMA业绩遭受一定挑战，2025年前三季度收入同比下降8.5%至59.7亿欧元，净利润呈现亏损、为-3.1亿欧元。PUMA管理层已启动系列改革计划(包括品类聚焦、渠道转型、裁员等)，预计25年为调整年、26年为过渡年，目标至26年底库存恢复正常水位、27年重回增长轨道。本次收购对安踏的意义：多品牌全球化战略又一重要里程碑公司作为全球知名体育用品公司，坚持“单聚焦、多品牌、全球化”战略，目前已形成多元化品牌组合，包括安踏/Fila/迪桑特/可隆/狼爪/MAIAACTIVE等，其中安踏、Fila品牌于2024年分别实现335/266亿元人民币的营业收入，为中国本土市场的头部运动鞋服品牌；另外公司是美国上市公司Amer sports的最大股东，Amer旗下拥有始祖鸟、萨洛蒙、威尔胜等多个运动/户外品牌。本次收购PUMA少数股权将成为安踏公司多品牌战略的又一重要里程碑，PUMA品牌体量大、历史积淀深厚、以欧洲为大本营、全球影响力强，将帮助公司在多品牌和全球化布局上实现又一重大突破，继Amer之后于欧美运动市场再落一子、深度介入。品类方面，PUMA主营品类包括足球、田径、赛车、高尔夫、篮球等，将与公司在运动项目的多元性上实现互补。公司将依托自身在中国及全球市场推动多品牌转型、价值重塑及高质量成长等方面积累的成功经验，多品牌综合管理与零售运营能力，支撑全球发展的品牌建设、零售执行与供应链管理等体系，为PUMA重新激活品牌价值、激发品牌优势与传统。另外，PUMA目前于中国市场的销售占比不高，24年大中华区收入占比为高个位数(对比耐克、阿迪达斯最新财年占比为15%左右)，未来将是双方可以协同的重要领域。再者，公司也将凭借多次投资并购的成功案例，增加与国际运动户外品牌的交流往来并成为其首选合作伙伴，提高公司在全球运动市场的话语权和影响力。看好多品牌、全球化战略前瞻布局、坚定推进，维持“买入”评级我们继续看好公司多品牌、全球化战略的前瞻性布局和坚定推进，考虑到本期交易尚在进行阶段、需要获得监管审批通过，我们暂时维持公司25-27年盈利预测，25-27年EPS分别为4.69/5.10/5.67元人民币，PE分别为15/13/12倍，估值较低、维持“买入”评级。风险提示：收购进展不及预期；国内外需求持续疲软；库存积压；新店型拓展不及预期；竞争加剧；费用投入不当；电商渠道增速放缓；新品牌/新业务培育不及预期。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"corporation,merge","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"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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