《大行報告》高盛:李寧(02331.HK)去年下半年淨利潤符預期
高盛發表研究報告指,李寧(02331.HK)2022年下半財年的淨利潤爲18.76億元人民幣,按年下降8%,比該行預期高2%,符合預期,銷售額按年增長8%,較預期高7%,政府補助及利息收入增加被較低的毛利率和較高的營運支出所抵銷。投資者或憂慮集團的渠道組合導致毛利率走弱和更大的零售折扣,以及較高的庫存水平。但正面因素包括功能性產品銷售帶動增長,表明管理層在加強業績地位方面所做的努力,以及業績不受成本削減的支持,廣告促銷在下半年仍按年增長26%。
該行表示,對集團的重點包括季度至今的趨勢、最新全年指引、達到正常的折扣和庫存水平的預期、今年的產品品類、定價等戰略重點,以及消費能力和競爭格局的不確定因素和消費模式變化。該行維持集團在「確信買入」名單,目標價88元。
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