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《大行報告》花旗料李寧(02331.HK)今明兩年可從對手安踏搶佔市場份額 重申「買入」
花旗發表研究報告指,李寧(02331.HK)管理層宣布維持今年全年增長指引,預期即使下半年仍受疫情影響,收入依然可增長約17%至23%,淨利潤率料達到超過15%。 該行指出,宏觀不確定性及行業困境下,李寧仍未有下調增長指引,相信是基於過去兩年積極主動管理供應鏈以及審慎管理渠道庫存所致。雖然預計Nike及Adidas下半年將重新奪回中國市場份額,有利滔搏(06110.HK)發展,但預計李寧今明兩年將加快從安踏(02020.HK)手上獲得市場份額,從而實現更快、質量更好的增長。 花旗繼續看好李寧及滔搏,均給予「買入」評級,對李寧目標價為92.2元。
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