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《大行報告》麥格理升李寧(02331.HK)目標價至27.4元 料下半年盈利反彈
阿思達克 03-21 10:24
麥格理發表報告指,李寧(02331.HK)去年底在降低渠道庫存方面取得進展,減低作重大庫存購回撥備的風險,估計今年增長集中於下半年,其上半年盈利料將倒退,但下半年有望反彈,首季至今數據反映零售銷售按年持平,目標價上調5%,由26元升至27.4元,以反映較高的淨利潤率估算,評級「跑贏大市」。 報告指,李寧去年底渠道庫存減少至3.6個月,按年減少0.6個月,亦好過該行預期的4至4.5個月。今年宏觀經濟仍然不明朗下,批發控制及對分銷商的支援屬影響庫存的重要因素,定價方面仍然有紀律性。 該行將李寧今年純利預測上調2.6%,以反映較高的利潤率預測,將抵銷銷售額預測被下調的影響。
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