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瑞信:維持李寧(2331.HK)優於大市評級 目標價上調至105港元
格隆匯 07-16 17:09

瑞信發表研究報吿表示,將李寧(2331.HK)2021至2023年度盈利分別上調11.5%、6.8%及10.4%,2021至23年度盈利複合年增長率為33%,該行將其目標價由85港元上調至105港元,維持優於大市評級。

該行指,根據月度銷售數據,今年6月行業網上銷售按年下跌3%,本地品牌增長持續超越海外品牌,當中安踏體育6月網上銷售按年升34%,而李寧及特步則升26%,均較行業為高。

該行調高李寧營運利潤率假設,預期2021年度營利潤率達20.1%,而2022/23年度將持續擴闊至21.1%及22%,主要受惠於持續強勁的品牌勢頭、提升店鋪生產力以改善營運槓桿、以及供應鏈改善。

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