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瑞銀:上調李寧(2331.HK)目標價至26.5港元 評級“中性”
格隆匯 12-24 11:00

瑞銀髮表研究報告,將李寧(02331.HK)2019至2021年的盈利預測分別上調3%、2.5%及0.4%,以反映中國時尚民族主義對核心品牌的影響,而該行曾低估此因素。

然而,該行相信「中國李寧」的直接收入貢獻將會在2021年前限制在11至13%,並相信目前的趨勢不可持續,因為供應鏈及銷售渠道尚未進行任何重組。在公司的廣告及宣傳成本比率已達到低水平的情況下,毛利率仍存在有限的上行空間。瑞銀將公司的目標價由原來的22.15港元上調至26.5港元,維持“中性”投資評級。

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