《大行報告》招銀國際下調李寧(02331.HK)目標價至52.97元 評級「買入」
招銀國際發表研究報告指,李寧(02331.HK)中期業績略遜於預期,惟庫存水平、零售增長和2023財年指引更新均較預期好。
該行表示,由於集團的自營和電商渠道或需要更多折扣及去庫存,或同店銷售增長仍然緩慢,經營去槓桿率可能高於預期,令公司毛利率及營運利潤率繼續受壓。該行分別下調集團2023至25年的淨利潤預測11%、13%及11%,目標價相應由66.44元下調至52.97元。不過,該行認為集團仍有很大增長空間,進行改革應該可幫助到公司,加上現時估值不高,負面因素已大致反映,因此維持「買入」評級。
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