《大行報告》花旗降李寧(02331.HK)及安踏(02020.HK)目標價 料下半年毛利率承壓
花旗發表研究報告指出,Nike在3至5月份於大中華區的銷售額及EBIT,按人民幣計分別按年增長25%及約80%,表現強勁,而其持續優化在內地的庫存,擴大了國際品牌於中國的復甦情況。鑑於Adidas下半年的庫存正常化,該行料中國體育品牌(包括Fila)毛利率承壓。
該行下調李寧(02331.HK)及安踏(02020.HK)今明兩年的盈利預測及目標價,削減後,安踏的今明兩年盈利預測較市場預期各低8%及11%,李寧亦較市場預期低8%及10%。該行預期中國體育品牌的股價將出現一定波動,直到季績後的7至8月市場預期下調為止。該行對行業個股排序不變,分別為滔搏(06110.HK)、李寧及安踏,均為「買入」評級。
此外,該行將安踏2023至2025年的盈利預測下調3%、4%及3%,對其目標價由129.5元降至107.8元。另將李寧的2023至2025年的盈利預測下調5%、7%及5%,對其目標價由72.4元降至62.7元。
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