安踏体育24年主业稳健增长,25年关注主品牌向上及FILA变革

中信建投
24 Mar

核心观点24年安踏主品牌DT C和线上渠道增长亮眼、营收同增10.6%;Fil a营收增长6.1%,安踏和fila品牌盈利能力略有下降,24Q4安踏品牌库销比约5个月;迪桑特、可隆等其他品牌同增53.7%,在旅游、户外运动高景气下延续高增态势,经营利润率继续提升、全渠道折扣率继续改善。24年合营公司Ame r上市和配售利得有一次性影响37亿元,剔除该影响归母净利同增16.5%。展望25年:预计安踏...

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