花旗升李宁(2331.HK)目标价至24.28港元评级“买入”
花旗发表研报指,李宁(2331.HK)
扣除一次性收益或损失后,上半年核心盈利按年急升1.1倍至5.61亿元人民币(下同),较6月尾发出的盈喜高出10%。李宁胜预期的经营现金流(按年增1.1倍)及现金转换周期减少13日,均显示出持续经营复苏的能力。
报告指管理层在分析会议上调高2019年财务目标,冀收入增长20%至25%(高于早前指引的约16%至19%),净利润率8.5%至9%(高于早前指引的7.5%至8%)。花旗将李宁2019年至2021年各年核心盈测上调22%至23%,至12.11亿元、15.25亿元及19.02亿元。同时,将目标价由15.27港元升至24.28港元,维持评级“
买入
”,续视李宁为非必需消费品行业首选。
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