You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
天風證券:予李寧(02331)“買入”評級 Q3流水錶現亮眼 看好運動國牌中長期發展紅利
uSMART盈立智投 10-26 09:43

智通財經APP獲悉,天風證券發佈研究報告稱,予李寧(02331)“買入”評級,預計2021-22年淨利分別爲38/48億,PE分別爲49x/38x;繼續看好10月金股表現。

天風證券主要觀點如下:

21Q3李寧(不包含李寧YOUNG)全渠道流水同增40%-50%低段,超出市場預期;其中線下渠道同增30%-40%高段,其中直營30%-40%中段,批發30%-40%高段;電商渠道50%-60%中段;

同店方面,Q3李寧(不包含李寧YOUNG)全渠道同店同增20%-30%高段,其中直營30%-40%低段,批發20%-30%中段;電商渠道30%-40%中段;

門店方面,截至Q3李寧(不包含李寧YOUNG)共5803個,環比Q2淨增99家,本年迄今淨減少109家(其中零售淨減56家,批發淨減53家);李寧YOUNG共1137家,環比Q2淨增96家,本年迄今淨增116家。

該行認爲本季流水超出市場預期:

①20Q3起全國疫情漸退,在高基數及七八月洪水疫情影響下,李寧仍維持亮眼增長,顯著跑贏同業,品牌力產品力提升帶動市佔率邏輯持續驗證,積極分享中高端運動市場紅利。近期李寧推出李寧1990經典標系列,打造高端運動時尚產品,拔高產品調性及打開弔牌價空間。

②電商繼續領跑全渠道,預計李寧在鞏固天貓京東等傳統線上渠道同時,抖音電商等渠道開始放量,預計抖音渠道佔線上流水10%+,實現多點開花。

③Q3李寧門店重啓淨增勢頭,在過去幾年優化門店開大關小,提升店效下,21Q3起門店新一輪擴張或帶動規模持續增長;

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account