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高盛:將李寧(2331.HK)列入確信買入名單 目標價122港元
格隆匯 03-18 17:24

高盛發表研究報吿指,李寧(2331.HK)強勁的經營業績、資產負債表和現金流令人鼓舞,特別是近期的消費環境充滿挑戰。該行認為,集團整體業績穩健,其在新品提升和推銷和渠道庫存管理方面有持續努力,為進一步擴大利潤率提供緩衝。該行予集團目標價122港元,及“買入”評級,並列入“確信買入”名單。

該行表示,李寧2021年下半年純利20.49億元人民幣,按年增長102%,比該行預期高14%;銷售額按年增長50%,較該行預測高10%,主要受惠於穩健的線上銷售和強勁的批發業務;毛利率按年增1.9個百分點至50.7%,但低於該行預測的52.2%,原因是渠道組合和批發業務的銷售表現不佳;派末期息45.97分人民幣。

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