《大行報告》大和升李寧(02331.HK)評級至「買入」 目標價上調至56.5元
大和發表的研究報告指,李寧(02331.HK)去年淨利按年升13.3%至17億元人民幣(下同),較該行預測及市場預期好6%,董事會宣派每股20.46分末期息,意味去年派息比率達30%,考慮到公司渠道庫存水平復甦較好,加上零售去化表現強勁,增長前景亦正面,將評級由「跑贏大市」升至「買入」,目標價由34元大增至56.5元。
該行指出去年公司收入按年升4.2%至145億元,雖然零售環境受疫情影響,公司毛利率維持在49.1%水平,經營溢利及經營利潤率分別升42.3%及擴闊4.1個百分點,現金周轉天數亦改善了6天至20天,去年第四季整體零售去化率升15%左右,當中線下升幅約11-14%左右,而線上則升35%左右,到去年底公司渠道庫存水平4.2個月,與2019年底相若。
管理層指公司策略將聚焦強化研發能力、改善供應鏈及產品組合,另外亦會透過加強單店盈利改善零售渠道,並通過整合全渠道業務模式加強協同效應等。(el/k) ~
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