《大行报告》瑞银上调李宁(02331.HK)目标价至64.8元 评级「买入」
瑞银发表的研究报告指,自新疆棉事件後国际及内地品牌销售势头两极,国际品牌受压,而本地品牌市占率提升。在线上层面,李宁(02331.HK)天猫旗舰店在3月25-31日销售按年增383%,在4月1-10日销售则增147%;Nike、Adidas等品牌销售则按年下跌。该行的线下渠道调查亦显示,4月首周李宁销售强劲;而与2019年数字比较,Nike及Adidas则出现跌势。
该行指出宝胜国际(03813.HK)及裕元集团(00551.HK)刚公布3月份销售表现,虽然代工销售符该行预期,不过宝胜3月零售销售则弱过1-2月。该行指出一部分内地明星已终止与国际品牌的代言合约,相信中期对李宁营销层面属正面,同时亦有更多明星公开穿着李宁的服饰。另一方面,该行认为对时装产品影响较强,认为中国李宁品牌乘着「国潮」趋势将被视为有型、时尚品牌。该行将公司目标价由59元升至64.8元,维持「买入」评级。(el/u) ~
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