《大行報告》大摩上調李寧(02331.HK)目標價至113元 評級「增持」
摩根士丹利發表研究報告對李寧(02331.HK)維持「增持」評級,指出公司市場份額及盈利仍有增長空間,雖然市場上有疫情、中國股票估值下跌等不明朗因素,但也創造投資者建倉的良好機會。
報告指出,管理層上調全年增長指引,銷售額預期增長逾45%,淨利潤率預期可達到16%至17.5%,換言之全年盈利可達到32億至38億元人民幣,高於該行早前預測。
大摩表示,李寧線下門店售罄率於第三季達到逾60%,反映即使疫情有再爆發情況,亦未影響公司獲取市場份額。
大摩又表示上半年毛利率表現超出預期,而管理層目標在未來兩至三年把毛利率再提高2-3個百分點,令人鼓舞,相信未來供應鏈整合及重塑其採購架構應有助益於毛利率,將目標價由99元上調至113元,對應2022年預測市盈率50倍不變。
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