《大行報告》花旗下調李寧(02331.HK)目標價至45.1元 行業首選滔搏(06110.HK)
花旗發表報告,預計中國體育用品行業在2024至2025年期間增長率為高單位數至10%之間,而之前預計增長率為11%至13%(low-teens)。鑒於宏觀環境發生變化,國際品牌的市場份額復甦更為明顯,該行更看好滔搏(06110.HK)和安踏(02020.HK)的多品牌戰略。鑒於李寧(02331.HK)的單品牌模式,該行預計其2024年銷售額增長將低於滔搏和安踏。
花旗將李寧2023至2025年淨利潤預測分別下調3%/10%/14%,並將李寧的目標價從62.7元下調至45.1元。首選滔搏,然後為安踏和李寧(同級),而之前為滔搏,之後為李寧,最後是安踏。
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