《大行報告》摩通下調李寧(02331.HK)目標價至94元 評級「增持」
摩根大通發表報告指,對李寧(02331.HK)長遠結構性增長有信心,即使其並不能免於宏觀環境挑戰,包括Delta變種病毒蔓延、失業率上升、經濟放緩、以及房地產業疲弱爲而帶來的負財富效應等。該行將李寧目標價由110元下調至94元,維持「增持」評級。
報告預計,李寧在第三季表現勝過同行,預計零售銷售額增長超過30%,相反安踏(02020.HK)只有低至中雙位數增長,認爲李寧盈利能力可見度較高,並且最能代表國內支持國貨的趨勢,庫存水平也較健康,並且不受國外不明朗因素影響,毛利率有望提升,因此該行偏好李寧多於安踏。
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