《大行報告》花旗:李寧(02331.HK)中期核心純利高預期12% 明顯跑贏安踏(02020.HK)
花旗發表報告指,李寧(02331.HK)今年上半年撇除一次性收益的核心純利,按年增長22%至6.83億元人民幣,較該行預期高12%,集團中期業績表現,明顯跑贏發警盈預期上半年純利按年跌最多35%的安踏體育(02020.HK)。
該行表示,李寧純利增長出色,主因銷售及毛利率表現優於預期,按年僅分別下降1%及20個基點,而銷售及行政開支亦低於預期。而令該行驚喜的是,李寧營運現金流仍錄得正數,表現估計跑贏大部分中國運動服裝同業。截至6月底,集團資產負債表穩固,現金仍有56億元人民幣,可為下半年的業務復甦定下良好基礎。
花旗維持李寧「買入」評級,目標價32.53元,行業中繼續喜好李寧及滔搏(06110.HK)多於安踏。滔搏評級為「買入」,目標價看13.09元,安踏評級則為「沽售」,目標價看49.6元。
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