瑞銀:升李寧(2331.HK)目標價至26.5港元 品牌認知度得到改善
瑞銀髮布報告稱,將李寧(02331.HK)目標價由22.15港元上調19.64%至26.5港元, 維持“中性”投資評級,並將2019至2021財年的盈利預測分別上調3%、2.5%及0.4%,以反映內地時尚民族主義對核心品牌的影響。
該行相信,品牌“中國李寧”的直接收入貢獻將會在2021年前限制在約10%-14%(low teens),由於供應鏈及銷售渠道未進行任何重組行動,所以認為目前的趨勢不可持續,加上在的廣告及宣傳成本比率已達到低水平的情況下,李寧的息税前利潤率(EBIT margin)比較過去5年只有有限的上行空間。
該行表示,李寧品牌認知度得到改善,並受到以下因素的支持,夏天的銷售數字放緩,10月份後銷售有回升,加上批發業務已經近一半的收入貢獻,預計在2021年將批發業務的收入貢獻達到55%,因此相關業務的毛利率不會有明顯的提升。

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