《大行報告》中金降李寧(02331.HK)目標價至20.92元 今年經營質量提升
中金發表報告指,李寧(02331.HK)在2023年受多項負面因素影響,收入和利潤增長不及公司此前預期,但年末庫存已逐步恢復健康。公司計劃2024年強化渠道和商品營運的同時,進一步加強戶外品類和低層級市場等空白業務的佈局。
該行指,公司管理層預計李寧品牌2023年第四季流水按年增長不低於行業水平,庫存方面得益於2023年第三、四季以來的積極調整,管理層預計,2023年末李寧品牌全渠道庫銷比在4倍左右。
中金指,管理層預計2023年公司收入按年增長中高單位數,毛利率按年基本持平,費用端存在一定經營去槓桿,淨利潤率預計保持在雙位數水平。
該行表示,維持公司在2023年每股盈測為1.2元人民幣不變,考慮終端需求的不確定性,將2024年每股盈測下調9%至1.3元,引入2025年每股盈測為1.55元。該行將其目標價下調18%至20.92元,維持其評級為「跑贏行業」。(ca/w)
~
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.