《大行報告》里昂下調李寧(02331.HK)目標價至77元 評級「買入」
里昂發表報告指,李寧(02331.HK)去年業績符合該行預期,而今年首季業務仍受具挑戰性的比較基數,及消費情緒復甦影響,估計3月開始的比較基數會較為容易。
該行提到,集團指引今年銷售按年有中雙位數(約13%至18%)的增長,淨利潤率亦估計介乎約13%至18%,表現似乎較溫和,但看到集團有數個中期推動力可支撐持續增長。
該行下調其估值基礎,由預測未來一年市盈率33倍調低至28倍,相應下調李寧股份目標價,由97元降至77元,評級維持「買入」。該行又同時調低李寧今明兩年銷售預測介乎4%至8%,並降純利預測介乎6%至10%,反映消費者情緒復甦仍然不明確,但認為集團最壞時期已過去。
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