《大行报告》摩通上调李宁(02331.HK)目标价至68元 评级「增持」
摩通发表的研究报告指,李宁(02331.HK)去年下半年表现强劲,维持对公司抢占市场份额能力和效率改善的信心,该行指出公司估计今年销售升25%左右,净利润率料扩张100个基点。李宁销售增长指引跑赢行业,该行相信受惠毛利率扩张120-130个基点,有助支撑净利润率扩张等;今年1月至3月中集团线下零售去化表现按年升70%,而线上销售维持强劲,认为受惠过去三年品牌资产提升,公司有望再次跑赢同业。
另外,管理层亦分享往後的效率提升措施,包括是供应链、产品、渠道及零售管理等,展望将来该行相信公司增长可受惠销售势头及利润扩张,将2021-22年盈利预测上调11-13%,目标价由66元升至68元,重申为其首选,评级「增持」。
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