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《大行報告》摩通下調李寧(02331.HK)目標價至81元 評級「增持」
阿思達克 03-21 10:23
摩通發表報告指,李寧(02331.HK)去年業績大致符合預期,但市場對今年銷售和淨利潤增長指引為約15%表示擔憂。該行下調集團2023/24年盈測4%至6%,目標價相應由91元下調至81元,維持評級「增持」。 該行認為,在宏觀環境不確定因素中,李寧指引是符合現實,亦與該行近期的實地觀察一致,即內地經濟正在復甦,但未有出現報復性購物。隨著李寧銷售勢頭將從第二季開始回升,以及在下半年後盈利加速,股價調整為投資者創造入場機會。 該行預期,今年全年銷售及盈利按年增16%及21%,毛利率上升1.4個百分點,基於存貨水平及折扣率回復正常,尤其下半年;營運支出比率大致持平,因集團將繼續投資於品牌及產品。
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