《大行報告》高盛料體育用品股短期波動 但長期看好 上調李寧目標價至122元
高盛發表內地體育用品行業報告,雖然消費情緒疲弱、各品牌於2021年的表現存在差異,但該行仍對內地運動服裝市場的增長充滿信心。展望2022年,雖然嚴格的社會隔離措施和疲軟的消費情緒可能導致近期銷售趨勢波動,但認爲長期的行業催化劑應該會使運動服裝消費更具韌性。
該行更新對中國運動服裝市場預測,最新預計於2021年至2026年的銷售複合增長率爲13%(之前爲12%)。該行指2020年中國運動服裝市場僅佔整個服裝市場的7%,遠低於美國的31%。按2019年城市人口計算,中國人均運動鞋消費僅爲0.88雙,美國爲1.89雙,中國人均運動鞋售價僅爲每雙36美元,而美國爲61美元,料中國運動服裝市場銷售量及平均售價未來將趨升。
股份方面,該行重申李寧(02331.HK)爲行業首選股,予「買入」投資評級(「確信買入」名單),上調對其2021年至2026年純利0%至14%,料其2021年至2026年銷售複合增長率爲19%,料李寧至2026年淨利潤率會升至18.2%。
高盛按基本情境預測,料李寧至2026年在內地的市場份額爲10.2%,對比2019年的市場份額爲6%,決定上調對其目標價,由115元升至122元,相當預測2026年預測市盈率38.5倍。(wl/u)
~
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.