《大行報告》摩通上調李寧(02331.HK)目標價至110元 評級「增持」
摩通發表的研究報告指,李寧(02331.HK)上半年業績理想,對其品牌力量更有信心,相信公司有能力進一步提升市場份額並改善營運效率。公司今年銷售增長指引為40-49%,跑贏同業,並期望今年淨利潤率將達16-17.5%,高於該行預期,摩通相信淨利潤率擴張將支持公司毛利率改善。
第三季以來公司線下零售去化率按年提升,即使是過去十日受疫情困擾零售去化率仍達35%左右,此外公司行政總裁亦有分享更多改善效益的詳情,該行相信李寧的增長將受惠品牌價值等,將公司2021-23年盈利預測升11-12%,目標價由100元升至110元,評級「增持」,重申為該行首選。
摩通認為李寧透過提供創新產品及中式設計,加上質素及功能有改善,令公司在國內品牌中跑出,旗下中國李寧分店自2018年以來成功擴張,截至上半年有逾220家分店,加上受惠國潮氣氛,其零售銷售增長亦跑贏同業。據該行的數據分析,於東京奧運期間李寧品牌力量亦是最強。該行估計未來兩年李寧銷售增長仍可達20-25%,主要受惠大型分店開張及關閉低效分店等,同時公司產品組合亦有改善。(el/u) ~
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