里昂升李宁(2331.HK)目标价至25.4港元评级“买入”
里昂发表研究报告,认为李宁(2331.HK)股价已反映2020年20亿元人民币的盈利及20倍市盈率,市场普遍预期公司2020年净利润率约12%,显著转势。
业务方面,该行认为李宁有可能利用其强于同行的品牌资产,实现高于同业溢价、折扣和利润率。财务方面,该行预期公司有可能在2020年实现24亿元人民币盈利(销售额料为185亿元人民币,净利润率约13%)。 股价方面,该行预期该股将以每年约30%的预期盈利增长率复合增长,并有机会偏向上行。
里昂上调李宁2019-2021年盈利预测11%、12%及12%,目标价由19.5港元升至25.4港元,维持“买入”评级。
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