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《大行報告》大摩上調李寧(02331.HK)目標價至99元 評級「增持」
阿思達克 06-28 09:49
摩根士丹利發表報告表示,李寧(02331.HK)銷售增長帶動盈利改善,預期至2023年其淨利潤率可達18%。公司的單品牌策略是其強勁經營槓桿的主要因素,在高銷售基數下,相信盈利會於2022至2023年仍有改善,錄30%增長,予「增持」評級,目標價由71元升至99元,此相當預測2022年市盈率50倍。

該行估計,李寧於上半年收入和零售銷售分別增71%及80%,第二季零售銷售增長達75%,上半年毛利料增3.2個百分點至52.7%,因折扣和給予分銷商的優惠減少。經營開支增41%,但佔收入比率跌6.2個百分點至29.2%,經營溢利和純利率分別增至23.5%及18%,預期上半年純利爲19億元人民幣。

大摩指,有多項因素令李寧盈利表現可勝預期,包括強勁的需求、新的公司策略、盈利自2019年以來有良好的往績。

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