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《大行報告》招商證券國際降李寧(02331.HK)目標價至25.6元 今年下半年或有潛在催化劑
招商證券國際發表研究報告指,李寧(02331.HK)去年淨利潤按年跌21.6%至31.87億元人民幣,較該行預期低出23.2%,受累於銷售及分銷成本增加,不過庫存及折扣水平維持健康水平。 報告認為李寧已經開始以較低價格的產品瞄準更多低線城市的大眾市場消費者,相信其產品重新定位策略有可能成為今年下半年的積極股價催化劑。招商證券國際維持李寧「增持」評級,目標價由36元降至25.6元,同時亦將24/25財年每股盈利預測分別調低21.2%及26.1%,以反映收入下降以及銷售與分銷費用率上升。
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