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《大行報告》摩通料體育股獲追求穩健增長及政策風險低的資金流入 首選李寧(02331.HK)
摩根大通發表報告表示,內地體育用品股今年上半年整體業績優於預期,李寧(02331.HK)中期盈利按年升187%,優於安踏(02020.HK)(升132%)及特步(01368.HK)(升72%),李寧毛利率擴張亦優於安踏及特步,主要受益於強勁品牌、效益持續改善及最受惠內地本土品牌之有利環境。 該行指,雖然內地新冠疫情形勢和整體零售環境疲弱,可能於短期內帶來一些不確定性,但該行預計內地運動服裝品牌可在今年下半年實現彈性增長,預計下半年銷售額及盈利將按年各增長38%及33%。在內地政府扶持政策(2021-2025年全民健身計劃)、新冠疫情後內地民眾健康意識增強、本土自豪感增強、行業整合以及進一步優化銷售渠道的推動下,該行對內地運動服飾行業仍然充滿信心。 摩通認為,尋求穩健增長、政策風險較低的投資者資金可能持續流入內地運動服裝板塊。維持對內地運動服飾行業「增持」評級,指李寧仍是行業首選,維持其「增持」評級及目標價110元。
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