《大行報告》高盛下調李寧(02331.HK)及安踏(02020.HK)目標價 降今年盈測
高盛發表報告表示,因應近期銷售下跌及經營去槓桿的毛利壓力,加上消化庫存的額外成本,將其覆蓋之體育用品股今年盈利預測下調21%至65%,當中預期安踏(02020.HK)、李寧(2331.HK)、寶勝(03813.HK)及滔搏國際(06110.HK)首季銷售按年跌12%至26%,至今年6月銷售才回復正常。
高盛將其覆蓋之體育用品股明年盈利預測下調4%至14%,以反映今年上半年起潛在的店舖擴張延遲,以及高庫存水平導致潛在訂單延遲的因素。情況持續變化及多個因素影響短期毛利,零售商及分銷商擬積極消化市場庫存 。該行相信,內地體育用品市場仍有結構性需求增長,而目前情況可能帶動行業整合,對行業龍頭公司有利,因而維持李寧、安踏、寶勝及滔搏「買入」評級,但普遍降目標價,安踏目標價自88.2元降至84元,李寧自33.7元降至32.4元,寶勝則自3.6元降至3.2元。
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