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瑞銀:下調李寧(2331.HK)目標價至101.8港元,評級“買入”
格隆匯 03-21 13:22

格隆匯3月21日丨瑞銀髮研報指,李寧2021年業績中,收入及純利分別增長56%和136%,下半年純利高於該行及市場預期16%及27%,該行將集團目標價由112.8港元下調至101.8港元,維持“買入”評級,以反映該行對集團的品牌提升和在較高端城市及大型購物中心的渠道組合改善充滿信心。

瑞銀引述李寧管理層指,今年收入指引為10-20%高端。由於成本上升和去零售折扣的高基數效應,毛利率料持平至按年下降1個百分點。淨利率指引維持高雙位數水平,保持較高的經營槓桿和來自較高現金餘額的利息收入水平,以抵銷毛利率壓力。管理層又指,李寧年初至今零售額按年增長較去年上半年好,在3月封城前及最近幾周的中雙位數增長之前,線下銷售額增長為30%高段至40%低段之間。集團亦將繼續將大店模式應用於零售店和批發店,並重點關注高端市場和購物中心。

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