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《大行報告》匯豐研究下調李寧(02331.HK)目標價至58.9元 評級「買入」
阿思達克 03-22 10:35
匯豐研究發表的研究報告指,去年李寧(02331.HK)核心淨利潤率達11.7%,按年擴闊2.6個百分點,高於原先指引,去年下半年公司經營利潤率擴闊4.3個百分點至15.7%,遠高於該行預測的12.8%,主要受惠銷售、一般及行政成本管控有效,而其他收入亦高於預期,去年下半年公司經營利潤及核心淨利分別按年增50%及44%,兩者均跑贏該行預測20%,而2020年派息比率亦由2019年的25%升至30%。

該行指出,去年第四季整體零售去化率升15%,增長較第三季明顯加快,而年底的渠道庫存維持在4.2個月水平按年持平。管理層估計今年收入增長可達25%左右水平,而零售去化率則可達高十位數水平,而利潤方面管理層料淨利潤率將擴張100個基點至12.7%。該行認為管理層的指引確定了其看法,估計2021年在疫情後將迎來強勁反彈,不過相關因素已反映在其估算中,維持對公司「買入」評級,目標價由60.8元微降至58.9元。(el/k) ~

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