《大行報告》大摩下調李寧(02331.HK)目標價至51元 長遠前景被低估
摩根士丹利發表報告,將李寧(02331.HK)今年至2025年三年期間,銷售額預測分別下調6%、11%及13%,盈利預測分別下調17%、17%及16%,估計今年銷售額增長8%,盈利倒退8%,淨利潤率預測由15%下調至13.3%,相信市場對第三季業績有負面反應,但重新調整目標後,將會減輕投資者對業務質量及增長持續程度的關注。
該行估計李寧的折扣幅度較之前預期更高,對毛利率及零售額造成負面影響,而公司要達到銷售、庫存及折扣之間的平衡,需要減少第四季批發出貨,因此全年收入目標亦受影響。雖然網上推廣增加,但銷售趨勢轉弱。
大摩調整李寧的預測後,估值相當於明年預測市盈率17倍,屬吸引水平,目標價由71元下調至51元,評級「增持」,該行認為李寧長期前景被低估。
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