《大行報告》麥格理:李寧(02331.HK)4月零售銷售增長進一步加速 透明度提升
麥格理發表研究報告指,李寧(02331.HK)3月份整體零售銷售增長按年增長20%以上,踏入4月份增長進一步加快,線下門店客流量回升帶動整體增長,憧憬第二季零售銷售增長將從低基數再提升,同時線上銷售增長料逐步恢復。
該行指出,李寧的渠道庫存水平保持在約 4至4.5個月,折扣水平有所改善,認為折扣幅度改善、健康的存銷比和庫存結構將助於利潤率按季回升。預期下半年線上銷售增長會繼續復甦,隨著流量從傳統平台轉移至得物、快手(01024.HK)和拼多多(PDD.US)等新渠道,預計全年電子商務銷售額將增長12%。
麥格理指,李寧的經營情況自第二季起可見度提升,管理層維持收入和淨利潤率增長指引,經銷商取態亦變得更加樂觀,重申「跑贏大市」評級,目標價78元。(gc/u)
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