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《大行報告》瑞信下調李寧(02331.HK)目標價至70元 行業首選申洲(02313.HK)
瑞信發表評級報告指,李寧(02331.HK)第三季營運數據符合預期,整體零售銷量呈按年中雙位數增長;第四季折扣承壓仍然是關注點,由於渠道庫存周轉率呈上升趨勢至4倍以上,第三季拆扣按年呈低單位數增長;因行業著眼於雙11活動,旨在清理庫存,預料行業折扣水平或較預期進取。 該行表示,李寧已在微博發表聲明,回應最新產品設計被批評一事,據悉,過去兩日商店日均銷量下跌10%至15%,公司預料,若沒有更差的事情發生,事件在未來20至45日內可冷卻下來。 該行表示,基於對零售銷量前景持更保守看法,將公司2023至24年收入預測下調5%至7%,加上其毛利率較低,該行亦將2023至24年每股盈測下調9至10%,將其目標價由92元下調至70元,維持其評級為「跑贏大市」,在內地體育用品股當中,首選申洲(02313.HK)。(ca/k) ~
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