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《大行》美銀證券降李寧(02331.HK)今年盈測8% 重申「中性」評級
阿思達克 07-15 10:57
美銀證券發表研究報告指,李寧(02331.HK)第二季零售銷售按年錄得低單位數增長,較首季略有放緩,符合市場預期,但毛利率面臨壓力,考慮到盈利能見度下降,加上折扣加深及廣告宣傳開支增加帶來的利潤壓力,對李寧前景看法審慎,將今明兩年每股盈利預測下調8%及2%,目標價從16.3元降至16元,維持「中性」評級。 美銀證券預期,2025年將是李寧的過渡期,上半年收入預料錄得低單位數增長,與零售銷售表現及庫存水平相符,但由於第二季折扣幅度加大,預料毛利率將按年下跌,廣告開支增加及潛在投資物業減值料拖累經營利潤率,預計上半年淨利潤將錄得超過15%跌幅。
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