《大行報告》摩通上調李寧(02331.HK)目標價至68元 評級「增持」
摩通發表的研究報告指,李寧(02331.HK)去年下半年表現強勁,維持對公司搶佔市場份額能力和效率改善的信心,該行指出公司估計今年銷售升25%左右,淨利潤率料擴張100個基點。李寧銷售增長指引跑贏行業,該行相信受惠毛利率擴張120-130個基點,有助支撐淨利潤率擴張等;今年1月至3月中集團線下零售去化表現按年升70%,而線上銷售維持強勁,認為受惠過去三年品牌資產提升,公司有望再次跑贏同業。
另外,管理層亦分享往後的效率提升措施,包括是供應鏈、產品、渠道及零售管理等,展望將來該行相信公司增長可受惠銷售勢頭及利潤擴張,將2021-22年盈利預測上調11-13%,目標價由66元升至68元,重申為其首選,評級「增持」。
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