《大行報告》摩通下調李寧(02331.HK)目標價至28.8元 評級「增持」
摩根大通發表報告指,在李寧(02331.HK)發布去年度業績後,仍相信該公司依靠改善基本面及提升品牌質量,較同行更能夠應對市場逆境,並能持續取得更多市場份額。
該行指,李寧成本結構可變度高,預期支持其2020年核心淨利率可提升至至10-10.5%,而同業安踏(02020.HK)及特步(01368.HK)則有機會下跌2個百分點。摩通認為,李寧今年上半年銷售額表現持平或略有下降,但定價可望提高,在同業強調疫情影響令利潤受壓時,或可推動李寧的毛利率保持去年同期水平甚至略有改善。
摩通表現,考慮到李寧已被公認是具有中國象徵意義及運動時尚結合的運動服製造商,相信銷售渠道及供應鏈效率可支撐公司在疫情下發展,考慮到疫情影響,將李寧2020至2021年盈利預測降低7%,目標價由31元下調至28.8元,維持「增持」評級,繼續為行業首選。
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