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《大行報告》華泰證券降李寧(02331.HK)目標價至29.6元 料去年淨利潤跌22%
華泰證券發表評級報告,預期李寧(02331.HK)上季庫存改善趨勢與同業一致,庫銷佔比逐步恢復至4倍至4.5倍低段的較正常水平,且季內零售折扣或環比改善。該行估計,公司竄貨問題已取得階段性進展,但考慮到銷售季節性,預計到2024年中才完全恢復正常。 該行預計,集團2023年淨利潤下滑22%至31.5億元人民幣,故將公司在2023年至25年的基本每股盈測下調15%至1.2元人民幣、下調27%至1.29元人民幣,及下調32%至1.44元人民幣。 展望2024年,該行表示,李寧有望在較健康的庫存水平下開展各項工作。在經歷去年竄貨和庫存波動問題後,預計公司將順應當前消費趨勢,加大對新產品投入並推動海外市場拓展。該行將公司在2023年至25年收入預測分別下調2%至275億元人民幣、下調7%至298億元人民幣,及下調9%至326億元人民幣;略微上調2023年毛利率至48.2%,並將2023年至25年淨利潤分別下調至31.5億人民幣、33.9億元人民幣及37.9億元人民幣。 該行將其目標價下調30%至29.6元,維持其評級為「買入」。(ca/u) ~
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