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《大行報告》匯豐研究降李寧(02331.HK)評級至「持有」 目標價大削至41元
阿思達克 08-25 12:06
匯豐研究發表報告指,李寧(02331.HK)上半年業績符合預期,管理層維持全年收入增幅及淨利潤率分別達中兩位數的指引,惟有跡象表明其增長正在失去動力。該行原先曾預期,在今年下半年至明年期間,公司增長錄得強勁反彈,主因比較基數較低、分銷商補貨及零售折扣改善。不過,中期業績公布後,該行認為李寧增長前景轉弱,因去庫存周期可能延長;下半年零售折扣幅度或維持高企,以驅動線上業務增長;今年5月起行業需求展望疲弱情況或維持至明年。 該行將李寧今年收入增長預測由16.3%下調至14.2%,淨利潤率預測則由15.5%下調至14.6%,至於2024年,該行將收入增長預測由24.5%下調至15.8%,淨利潤率預測則由18.3%下調至16%,其目標價由94元大削至41元,其評級由「買入」降至「持有」。 報告指李寧本年至今股價累跌約43%,同業亦下調對其今明兩年盈測分別20%及22%,該行料復甦前景不確定性將限制該行未來獲得估值重評的空間,因缺乏盈利增長動力及行業增長持續面臨壓力。
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