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大摩:升李寧(2331.HK)評級至“增持” 目標價上調至29.2港元
格隆匯 10-09 11:07

摩根士丹利報告指李寧(02331.HK)今年是一個強勁的一年,預期銷售升32%,經常性盈利升87%,但相信其每店銷售和經營溢利仍然遠低於其他同業領先者。目前,公司的弱點在渠道管理和供應鏈,但其產品和品牌於過去一至兩年已明顯地提升,可帶動盈利增長。

該行指,行內的趨勢對公司有利,現時運動時尚正從快時尚與休閒服贏取市佔率,而李寧的品牌切合「中國服飾品味」的潮流。該行從近期渠道檢測發現,第三季批發渠道銷售加快增長,特別是運動時尚方面,併成功提升批發售價,推升毛利率。該行預料新的行政總裁未來可幫助改善公司在供應鏈和渠道管理上的弱點。

該行預期公司2019-21年的經常性盈利增長分別為87%、46%及31%,估算較其他券商高16%-22%,至2021年,預期公司的經營溢利率可達14.8%。該行將李寧目標價由22港元升至29.2港元,評級由“與大市同步”調升至“增持”

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