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《大行报告》汇丰研究下调李宁(02331.HK)目标价至58.9元 评级「买入」
阿思达克 03-22 10:35
汇丰研究发表的研究报告指,去年李宁(02331.HK)核心净利润率达11.7%,按年扩阔2.6个百分点,高於原先指引,去年下半年公司经营利润率扩阔4.3个百分点至15.7%,远高於该行预测的12.8%,主要受惠销售、一般及行政成本管控有效,而其他收入亦高於预期,去年下半年公司经营利润及核心净利分别按年增50%及44%,两者均跑赢该行预测20%,而2020年派息比率亦由2019年的25%升至30%。

该行指出,去年第四季整体零售去化率升15%,增长较第三季明显加快,而年底的渠道库存维持在4.2个月水平按年持平。管理层估计今年收入增长可达25%左右水平,而零售去化率则可达高十位数水平,而利润方面管理层料净利润率将扩张100个基点至12.7%。该行认为管理层的指引确定了其看法,估计2021年在疫情後将迎来强劲反弹,不过相关因素已反映在其估算中,维持对公司「买入」评级,目标价由60.8元微降至58.9元。(el/k) ~

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