《大行報告》工銀國際降李寧(02331.HK)評級至「中性」 下調盈測
工銀國際發表研究報告,預計去年底李寧(02331.HK)的渠道庫存周轉率將減少到4至4.5倍,相信折扣率改善,料去年第四季的線下折扣率按年有低單位數改善,有利於去年下半年的毛利率增長,將去年毛利率預測上調0.8個百分點。該行將去年收入預測下調2%,以反映批發業務收入下降。
不過報告提到,由於去槓桿化,預期經營開支比率將顯著上升,導致經營利潤率下跌。另外預期政府補助減少,購買物業後利息收入將會減少。
展望未來,考慮到相對較高的基數和業務調整,認為公司今年上半年面對挑戰,相信短期內盈利增長的可見度較低,因此將2023至2025年的盈利預測下調14%至27%,評級下調至「中性」,目標價20元。
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