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《大行報告》麥格理下調李寧(02331.HK)目標價至87元 評級「跑贏大市」
阿思達克 12-14 10:57
麥格理發表報告指出,雖然李寧(02331.HK)受今年第四季疫情封鎖措施所影響,拖累其線下零售表現,而明年首季疫情潛在激增的情況下,料公司線下零售仍將受壓。不過,該行仍看好李寧,相信公司過去兩年一直保持嚴格的庫存管理,同時繼續轉向增加功能性運動服飾產品的貢獻,以提升品牌忠誠度,預期將推動公司復甦。 該行指,李寧明年將繼續專注於鞋類產品,該類產品是運動服裝公司的核心競爭力所在。 麥格理認為,受累於進一步的疫情防控措施,李寧於今年第四季的零售銷售將跌至低雙位數水平,另對公司2022及2023財年盈利預測下調12%及10%,以反映第四季線下零售銷售因疫情防控措施而表現疲弱。該行指下調李寧目標價11%至87元,維持「跑贏大市」評級。
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