Q1FILA表现好于预期,拟收购狼爪再拓户外版图,维持“买入”评级2025Q1集团流水中双增长,安踏/FILA/其他品牌(含Maia Active)流水+高单/+高单/+65-70%,FILA及其他品牌表现好于预期,总体线上增长近20%,线上表现好于线下。我们维持盈利预测,预计2025-2027年归母净利润134.6/149.9/165.7亿元,当前股价对应PE为16.6/14.9/13.5倍。...
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