《大行報告》摩通上調李寧(02331.HK)目標價至105元 評級「增持」
摩根大通發表研究報告指,雖然內地消費市場仍然疲弱,但李寧(02331.HK)第三季零售銷售去化率增長至約40%,超出市場預期的30%至35%,而折扣、庫存、賬期結構及售罄率均按年有所改善,令人感到鼓舞。
該行指出,李寧在10月國慶黃金週期間實現正增長,銷售趨勢進一步加速,10月至今銷售趨勢穩健,相信李寧有望達成全年增長指引,銷售額增幅達到40%以上,淨利潤率達到16%至17.5%。
摩通基本維持2021至2023年盈利預測,較市場預期低約1%至2%,認爲李寧品牌價值將進一步釋放,加上效率持續提升的推動下,對長期結構性增長有信心,列李寧爲中國運動服飾行業首選,給予「增持」評級,目標價由94元升至105元。
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