中金:李寧(2331.HK)疫情下防守性高 上調評級至“跑贏行業”
中金公司發表研究報告指出,李寧(2331.HK)業務主要集中在國內,加上公司現金流不斷改善,疫情當下,李寧具備防禦價值,因此上調其評級至“跑贏行業”,維持目標價29.34港元。
中金報告指出,如果新型肺炎的疫情可以在今年上半年受控,預計對李寧利潤率的影響將有限,因公司45%的平台成本為可變成本,同時公司健康的手頭現金和運營資本,將提供安全邊際,潛在催化劑為,疫情後業務加速復甦。
中金續指,李寧去年業績勝該行預期,受益於銷售超預期和經營槓桿,但下調今年每股純利預測5.8%至0.65元人民幣,以反映新冠疫情的影響,引入2021年每股純利預測0.9元人民幣。
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