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《大行》瑞銀:李寧(02331.HK)次季銷售符預期 評級「中性」
阿思達克 07-15 10:34
瑞銀研究報告指,李寧(02331.HK)次季銷售額按年升低單位數,符合該行預期。其中,線下銷售按年跌低單位數,線上銷售升中單位數。更仔細說,線下零售跌中單位數,線下批發升低單位數;該行現予李寧目標價15.7元及「中性」評級。 該行指,管理層提到第三季銷售疲軟、折扣力度加大及毛利率承壓,加上明年行銷費用預算增加,均為負面訊息。零售銷售方面,7月至今趨勢與次季相若,折扣幅度加大。管理層預期情況將持續至第三季,並認為全年毛利率將按年下跌;要達成全年指引有難度,但會全力爭取。次季線上及線下折扣均有低單位數升幅,以維持健康庫存水位,目前庫存銷售比為四個月。
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