《大行》大摩:李宁(02331.HK)销售趋弱 全年毛利率或按年下跌
摩根士丹利发表研究报告指,李宁(02331.HK)第二季零售销售趋弱,7月情况亦持续,管理层对下半年前景转趋审慎,预期在短期内或对公司及同业股价构成压力。
大摩指,李宁管理层表明由于需求疲软及7月折扣进一步加大,下半年销售及毛利率面临下行风险,但仍会致力达成2025年全年目标,并有计划提升股东回报,以及为未来增长投入资金。随著折扣加大,为维持健康库存水平,大摩相信李宁的全年毛利率或轻微下跌,仍给予「增持」评级,目标价22元。
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