《大行報告》瑞銀上調李寧(02331.HK)目標價至59元 評級「買入」
瑞銀發表的研究報告指,李寧(02331.HK)去年收入及淨利分別按年升4%及13%,意味去年下半年增長分別達9%及44%,雖然去年下半年收入輕微低於該行預測,不過期內淨利則較預期高8%,主要受惠成本管控見效,將公司目標價由58.4元升至59元,評級「買入」,對其利潤擴張勢頭有信心。
該行引述管理層指今年以來零售銷售強勁,按年增長達70%。而去年中國李寧收入及零售銷售分別升低單位數及高單位數,而管理層估計今年相關增長將提升。此外,管理層指受惠供應鏈改善,初始加價有機會進一步提升,並帶動毛利率擴張等。
展望2021年管理層指引收入將按年增長25%左右水平,而毛利率則有望按年擴120-130個基點,意味淨利潤率將擴張100個基點,並重申中期淨利潤率目標為15%左右水平。
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