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《大行報告》交銀國際下調李寧(02331.HK)評級至「中性」 降低未來增長和利潤率預期
交銀國際發表報告,將李寧(02331.HK)去年下半年利潤率預測進一步下調,以反映公司大幅削減第四季經銷商訂單下經營費用比例上升所帶來的營運去槓桿,疊加不利的渠道組合改變。該行預計,2023年淨利潤將按年下降25%。 該行指,李寧繼續開店的空間有限,而平均店效也已經達到相對高的水平。另外,李寧將進行供應鏈調整並提高快速返單的比例,這意味著以期貨形式的批發銷售將減少。因此,該行將2024年至2025年銷售額按年增速下調至8.9%,並預計2024年至25年毛利率將因折扣改善而小幅上升,但部分被李寧最近以22億元收購香港物業後利息收入下降所抵銷。 該行預計,銷售增長和利潤率將下降,料2023年至2025年平均淨利潤率為11.6%,將導致回報率下降,也因此會對應較低的估值。該行將其目標價由35元下調至16.7元,其評級由「買入」降至「中性」。(ca/w) ~
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