《大行報告》高盛引述李寧(02331.HK)指對明年銷售收入增長樂觀 配股所得作拓「單品牌及多品類」策略
高盛發表報告表示,昨(2日)日與李寧(02331.HK)管理層進行會議,公司指短期營運狀況良好及處於指引上限水平,公司早前配股所得將投資新類別業務(並非進行併購)、作國際市場擴張和基礎設施投資,而李寧管理層對中期銷售前景樂觀,藉鞏固「中國李寧」品牌及產品類別表現提升李寧、兒童系列等增長,實行單一品牌及多品類的策略。
該行對李寧具信心,指公司可透過穩固品牌趨勢、持續加強效益及優他新類別業務下,持續推進具質素的增長。該行維持李寧「買入」評級及「確信買入」名單、及未來12個月目標價115元,相當於預測2026年市盈率38.5倍。
高盛引述李寧管理層對明年銷售收入增長維持樂觀,指原材料價格面臨持續上升的風險,但指仍有空間通過產品組合和強勁的品牌勢頭,以緩解利潤率壓力。
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