You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》匯豐研究上調李寧(02331.HK)目標價至36.4元 上半年業績勝預期
阿思達克 08-17 10:25
匯豐研究發表報告,指出李寧(02331.HK)上半年的售罄率及零售折扣受到疫情打擊,但仍能在收入下跌1%的情況下,維持穩定的毛利率表現。期內,經調整純利按年增長22%至6.83億元人民幣,淨利率為11.1%,高過其全年的10.5%指引及該行預期的9.7%。

該行進一步指,公司上半年毛利率具彈性,僅按年下跌20個基點至49.5%,而批發毛利率則按年上升2至3%,零售毛利率跌幅少於2%。考慮到上半年的零售折上升6個百分點,因此這個結果值得讚賞,是得益於其強大的品牌力,例如製造商的建議零售價有11-13%的升幅,而新產品的銷售貢獻亦較高。

雖然業績表現強勁,但管理層仍未上調全年淨利潤率指標,原因是在零售需求回升趨勢不穩定的情況下,零售折扣或維持在高水平;建議零售價增加的好處將延續至下半年,但不會如上半年般強勁;新產品組合的好處將會在下半年大致完結;上半年2,170萬元人民幣的租金紓緩或不能在下半年重複。該行認為,為了在年底前渠道庫存量正常化,公司或會繼續提供大量零售折扣。維持公司「買入」投資評級,目標價由29.6元升至36.4元。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account