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大行評級 | 耐克在內地部份市場被國產品牌奪取 料“國潮”趨勢明年持續
格隆匯 12-22 15:26
格隆匯12月22日丨招商證券國際發表報告表示,耐克(NKE.US)公佈了其2022財年二季度業績,其中2022財年二季度中國區營收按年下降24%,2022財年第二財季度息稅前利潤按年下跌36%,這意味着中國區的EBIT利潤率繼續下滑。該行指,由於供應鏈問題,耐克延遲了部分新品的上市時間,影響到了全球範圍內的銷售,其中也包括中國。此外,由於缺乏新產品,耐克不得不銷售價格較低的舊產品,也因此拉低了銷售的按年增速。考慮到國產品牌2021財年三季度的流水增速以及其第四季度的流水增速指引(即按年增約20%),耐克應該已經丟失了市場份額,預計國際品牌(包括耐克和阿迪達斯)在內地都將因“國潮”而面臨激烈競爭,而內地體育用品行業下“國潮”趨勢將持續,該行維持安踏、李寧和特步的“買入”評級。
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