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《大行報告》招商證券削李寧(02331.HK)目標價至36元 GMV增長緩慢可能是品牌定位所致
招商證券發表報告指,李寧(02331.HK)召開電話會議,澄清圍繞其第三季經營業績公告的不確定性。公司澄清整體庫存狀況健康,略高於月銷售額4倍。分銷商的大部分庫存由新產品組成,庫銷比為4至4.5倍。只有一小部分分銷商的庫存水平超過5倍。由於商品成交額在第三季放緩,李寧削減對分銷商的發貨量,因此分銷商的庫存沒有積壓,零售折扣率也沒有過高。李寧更表示,分銷商在指定地區以外銷售產品(串貨)的問題並不嚴重。 報告指,雖然沒有給出具體數字,但李寧透露了未來三至五年的大致增長計劃,包括開發籃球和跑步等現有產品類別;擴大目標市場,如初、高中生;開發低線城市市場;探索新的經銷渠道,如在交通樞紐開設小型單線店;海外擴張。李寧還計劃在未來五年實現GMV雙位數的複合年增長率。 招商證券認為,李寧GMV增長緩慢可能是品牌定位所致。報告將李寧2023至2025財年各年每股盈測分別再降4.7%、16.8%和14.7%,主要是基於營收下降和產品結構調整。目標價由56元下調至36元。由於李寧已開始採取措施擴大產品價格範圍,以吸引更多性價比消費者,該行相信成果將在2024年下半年開始顯現。維持「增持」評級。
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