《大行報告》摩通升李寧(02331.HK)目標價至94元 評級「增持」
摩根大通發表報告,指出李寧(02331.HK)上半年純利按年增長12%,高過預期增長5%,受銷售按年增長22%所推動,惟因折扣力度較大,加上成本通脹及渠道組合,銷售增長被毛利率收縮所部分抵銷。即使受下半年宏觀環境及疫情等不確定性影響,公司維持對今年介乎約17%至23%的銷售增長指引,以及指引淨利潤率料達高雙位數(約16%至19%)。
此外,該行指李寧於7月至8月10日期間,零售銷售錄得按年增長介乎約13%至17%,並呈連續改善趨勢,而且折扣較第二季有所收窄。由於受疫情及高基數影響,第二季零售銷售跌幅達高單位數。公司渠道庫存水平仍處於3.6個月的健康水平,相對於去年上半年為3.1個月。
該行對李寧長期結構性增長保持信心,認為公司進一步釋放品牌價值,其他品牌難以仿傚,而且公司持續提升效率和業務擴張。對其2022至2024財年純利預測上調1%至2%,目標價由88元上調至94元,重申「增持」評級。
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