《大行報告》大摩引述李寧(02331.HK)管理層指「雙11」線上錄單位數增長符預期
摩根士丹利發表研究報告,引述李寧(02331.HK)管理層指雙11的表現符合預期,在去年雙位數增長的基礎上,整體線上錄單位數增長,而折扣則與去年同期持平。公司有信心年底前擁有4至4.5個月的渠道庫存。
報告提到,集團10月線下零售額按年增幅與9月相近,11月升勢良好,產品折扣逐步改善。該行預期集團2023至2025年的銷售額複合年增長率為12%,期內盈利複合年增長率為20%,而未來業務品質將受到高度重視。
該行表示,李寧的目標是今年毛利率按年小幅增長,下半年的線下折扣按年改善至低單位數百分比。長遠來看,毛利率的理想水平是低至50%。集團將於明年首季推出新的中等價位籃球鞋,價格介乎499至599元人民幣,以在低線城市增加滲透率。而中等價位的跑鞋亦將於明年次季推出,當中會推出時尚跨界產品,以迎合年輕消費者。公司將在運動休閒領域投入更多資源,並預計明年會有更快增長。
該行予集團「增持」評級,目標價51元。
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