《大行報告》花旗引述李寧(02331.HK)估明年收入增長約20至23% 料批發及零售業務利潤率有提升空間
花旗發表報告,近日與李寧(02331.HK)管理層進行溝通,認爲公司給予2022年銷售收入增長約20至23%(low-20s)的指引屬合理,公司亦詳細說明近日配股所得將主要用於投資自身業務擴張,而不是進行併購活動。
該行指,李寧對運動時尚策略堅定,公司長遠通過「李寧1990」自身增長或長期通過併購,料未來將可緩解來自同業安踏(02020.HK)旗下FILA業務所帶來的業務壓力。該行維持李寧「買入」評級及目標價103.4元,並看好滔搏(06110.HK),但給予安踏「沽售」評級。
花旗引述李寧管理層表示,公司旗下批發和零售業務的利潤率均有提升的空間,以在2022年淨利潤率可維持16%至19%(high-teens)水平。
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