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《大行报告》高盛上调李宁(02331.HK)目标价至58元 续列确信买入名单
阿思达克 03-22 10:45
高盛发表的研究报告指,李宁(02331.HK)管理层在业绩会议中对盈利前景有信心,并指出今年以来线下销售较2019年增长达36%至39%左右;较2019年同期比较,线上增长更达60%至70%,线上及线下增长高於同业。管理层亦指引收入将增长25%左右水平,而净利润率则料扩张100个基点,同业安踏体育(02020.HK)早前则指引核心品牌增长为双位数,Fila品牌则料逾20%,该行认为考虑到今年以来业务走势强劲,李宁的指引或有潜在上行。

另外管理层亦提出了提升产品、渠道、供应链及组织等效益的详情,该行相信将持续支持其利润扩张。该分投资者认为公司去年下半年惊喜有限,不过该行认为应聚焦於增长的质量,考虑到其渠道库存已回复至疫情前水平,而新产品库存比率提升,意味正铺路加快销售及折扣改善。该行将公司2021至2025年净利预测升2%至4%,以反映销售及利润趋势,维持「买入」评级并列确信买入名单,目标价由56元升至58元。

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