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《大行报告》摩通下调李宁(02331.HK)目标价至56.4元 上季业绩大致符预期
阿思达克 10-27 11:11
摩通发表报告指,李宁(02331.HK)第三季零售流水按年录得中单位数增长,大致符合预期。管理层指,在零售环境不确定的情况下,全年指引目标下调为单位数销售增长,而利润率亦面临压力。库存水平保持健康,约为5个月,管理层会优先考虑门店效率和供需平衡,对明年门店扩张持保守态度,以实现长期可持续增长。 考虑到宏观不确定性,摩通将李宁今年至后年盈利预测下调5至10%,目标价下调至56.4元。该行指,李宁目前股价意味著2024年市盈率15倍,而2024年至2025年盈利年复合增长率为19%,对于作为中国第二大运动服饰品牌的李宁,估值具吸引力,维持「买入」评级。
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