《大行報告》高盛引述李寧(02331.HK)指8月線下銷售額按年增長 下修今年門店擴張目標
李寧(02331.HK)今早股價造淡,最新報35.15元跌4.6%。高盛近日發表報告表示,本周二(12日)與李寧管理層進行投資者會議,就市場最關心的近期業務趨勢方面,李寧管理層指8月份線下銷售額按年錄增長,儘管仍處於單位數增長水平,相信是基數較7月份為高;公司本季以來線下零售折扣按年仍保持低個位數改善。
產品品類方面,李寧管理層指籃球鞋由於其高端導向和大規模基礎面臨壓力,公司將在2024年推出一些平均售價較低產品,以取得更多需求。公司管理層強調,其跑鞋與全球品牌相比仍存在相當大的價格差距,此支撐其在當前市場中的吸引力。此外,管理層預計產品類別的擴大,例如今年下半年戶外鞋可能會推動增長。
長期展望方面,李寧管理層重申銷售年復合增長率目標為15至20%,這得益於門店擴張、營運效率提高,但平均售價漲幅較少,料處於低個位數。
就去槓桿壓力,公司於去年10月開業的大型門店在今年上半年消費疲軟下給公司帶來一定去槓桿壓力,因此,公司已將2023年門店擴張目標,從250家下調至230家,以直營店為主。營銷費用方面,李寧管理層預測,當新的首席營銷官實施新營銷舉措之時,廣告及推廣開支(A&P)比率可能會增加,
高盛表示,重申對李寧「買入」評及目標價58元,指其屬中國領先體育用品企業,去年市場份額為9.4%。
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