美銀:下調李寧(2331.HK)目標價至83.9港元,維持“買入”評級
格隆匯4月21日丨美銀證券發研報指,李寧(2331.HK)在高基數影響下,首季零售銷售錄20%高段增長。該行認為,集團首季表現或略低於市場預期的增長30%。由於物流限制和極高的基數,料3月最後一週表現受電子商務拖累。基於疫情防控及高基數,次季可能繼續受壓,該行將今明兩年的每股盈利預測分別下調5%和3%,並下調目標價下調10%,由93.3港元降至83.9港元。
該行重申對內地運動服裝市場及李寧持正面看法。該行表示,集團今年第一季整體零售額按年增長放緩至20%高段。當中,線下銷售按年增長20%中段;電子商務增30%中段。總店量按季減少2%,按年則增10%中段。李寧維持其全年收入10%至20%低段增長的指引。該行指出,如果疫情影響持續更長時間,利潤率或會面臨風險。

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