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《大行報告》大摩:李寧(02331.HK)業務質素呈改善 若管理層指引符預期料對股價影響正面
阿思達克 03-20 14:37
摩根士丹利發表研究報告指,李寧(02331.HK)去年度業績表現符合預期,銷售額按年增長7%至276億元人民幣,毛利率達到48.4%,與大摩預測的48.5%基本一致,經營開支則較該行預測高約4%,主要由於期內錄得約3.35億元人民幣的租賃及固定資產減值所影響。 期內淨利潤按年下跌22%,仍較大摩預測高22%,當中有部分是來自於較低稅率及「紅雙喜」品牌股權收入較高的支持。大摩又指,去年下半年批發業務收入下跌13%,惟銷售去化率提升9%至10%,反映銷售渠道調整措施奏效。 截至去年底止李寧的渠道庫存為約3.6個月,對比去年6月底止為3.8個月,該行認為,目前舊有產品在渠道庫存及銷售去化佔比均維持於較低水平,認為業務質素有所改善。 大摩現時預測李寧2023至2025年銷售額及盈利年均複合增長率可達9%及14%,給予目標價30元,憧憬管理層若公布符合市場預期的業務增長指引,可為股價帶來正面影響,評級為「增持」。
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