《大行報告》匯豐研究降裕元(00551.HK)評級至「持有」 調整體品股目標價
匯豐研究發表研報指,內地運動服飾品牌最壞的時期可能已過去,隨著防疫措施逐步放鬆,預期下半年行業將逐漸重回正軌,不過預期全球行業庫存過剩仍然是關注重點。
該行指出,內地疫情加上去年第二季基數較高,今年第二季國產品牌的銷售額相信未能達標,但受惠於渠道控制,預期下半年盈利風險可控,預計李寧(02331.HK)、特步(01368.HK)及安踏(02020.HK)下半年銷售將按年增長21%、18%及11%。
由於第二季表現較預期弱,匯豐研究將李寧及安踏全年淨利潤預測分別下調4.5%及4.3%,低於市場預期約8%,特步盈利預測不變,並維持李寧及特步的「買入」及安踏的「持有」評級。
該行預期申洲國際(02313.HK)明年能夠實現穩定的訂單增長,而裕元(00551.HK)的盈利表現較受產能利用率影響,加上今年上半年零售業務表現差過預期,將其評級降至「持有」。
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