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《大行报告》中金升李宁(02331.HK)目标价至29.34元 但维持「中性」评级
阿思达克 10-23 15:00

中金发表报告表示,李宁(02331.HK)截至今年第三季度同店销售额(营业超过一年的实体店;不包括李宁 YOUNG系列)增长10-20%高段(第二季度约为10-20%中段)。整体零售额增长30-40%低段(第2季度增长20-30%低段)。 此外,2020年2季度订货会按吊牌价计价的订单金额按年增长10%-20%低段。

该行指,由於对李宁率收入和利润率改善的信心增加,决定将公司2019年和2020年每股盈利预测分别上调3%和6%,各至0.59元和0.73元人民币,分别对应按年增长92%和23%。该行指,目前李宁股价对应今明两年市盈率各40倍及33倍,考虑盈利预测调整和估值切换,该行将目标价格上调35%至29.34港元,此相当预测2020年市盈率36倍,但考虑公司年初至今的估值重估,维持对其「中性」评级。

中金指,线下批发和直营门店的同店销售业绩均增长10-20%低段,电商实现50-60%中段的增长。该行预计将利好利润率改善:线下直营门店有望受益於经营杠杆;批发业务方面,在零售商盈利能力改善的情况下,该行预计销售回扣将有所下降。

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