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《大行報告》匯豐研究下調李寧(02331.HK)目標價至70.5元 評級「買入」
阿思達克 04-22 10:03
匯豐研究發表報告指出,雖然李寧(02331.HK)截至3月中的零售銷售錄得按年增長逾40%,但整體首季放緩至20%高段增長,較該行預測的31%爲低,主要由於3月最後兩週實施嚴格的「封城」措施所影響。受「封城」及棉花事件的高基數效應影響下,預期李寧的零售銷售線上及線下渠道於3月下旬均出現下跌。 該行將李寧的第二季零售增長預測由原先的持平下調至跌6%,意味着比2019年第二季增長59%,估計公司下半年零售增長反彈至20%,全年預測則保持18%不變。但對其全年收入增長預測由22%降至18%,以反映因「封城」的不確定性導致公司更謹慎的銷售政策,以控制其渠道庫存。假設零售銷售復甦超過預期,而公司收入亦勝預期,將可達至全年增長20%的管理層目標。該行對李寧全年純利預測爲45.38億元人民幣,低過原先預期。 匯豐研究將李寧的目標價由74元下調至70.5元,相當於預測2022及2023財年的市盈率約32倍及26倍,維持「買入」評級。
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