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《大行》里昂:李寧(02331.HK)次季增長放緩 料下半年盈利壓力增加
阿思達克 07-15 10:26
里昂發表研究報告,估計李寧(02331.HK)第二季零售銷售按年增幅僅達約1%,增長較首季有所放緩,雖符合市場預期但低於集團內部目標。期內線上銷售錄中單位數增幅,較錄得低單位數降幅的線下渠道優勝,惟「618購物節」表現仍較遜色。 里昂指出,李寧以加大折扣作爲代價,將渠道庫存維持在約四個月健康水平,相信7月至今銷售及折扣壓力仍持續,加上贊助費用及營銷開支預期增加,估計全年廣告促銷費用比率將升至雙位數,令下半年淨利潤率壓力較上半年增加,維持「持有」評級及目標價爲16元。
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