《大行報告》高盛降李寧(02331.HK)評級至「中性」 目標價下調至22元
高盛發表研究報告,將李寧(02331.HK)的投資評級從「買入」下調至「中性」,目標價從33元降至22元,指出李寧的股價自1月份觸底以來已經累積上升了約30%,然而在營銷費用增加及經營去槓桿化的影響下,今年度利潤率可能要面對潛在風險。
該行又指,李寧的銷售增長前景,或受到對代理商的持續管理及控制所影響。在消費疲軟的大環境下,預期公司利潤率增長前景平平,因此相應將李寧2024至2026財年盈利預測下調6%至11%,以反映銷售增長前景放緩,以及奧運賽事年和品牌相關投資所帶來的成本上升。
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