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《大行》李寧(02331.HK)次季營運表現遜預期 大和降目標價至14元
阿思達克 07-15 12:16
大和發表研究報告指,受6.18購物節銷售疲軟影響,李寧(02331.HK)今年次季度營運表現低於管理層預期。李寧管理層對2025年下半年展望持續謹慎,能見度仍低。大和認為,管理層在中期業績發布時很有可能下調2025年淨利潤率指引(從高單位數百分比降至中高單位數百分比),故維持該股「跑輸大市」評級,下調今明兩年每股盈利預測13%至17%,較市場預期低8%至11%,並將12個月目標價從15.5元下調至14元。 大和指,李寧批發渠道零售銷貨率(RSV)按年保持低單位數增長,而直營零售及電商渠道RSV按季下降。 第二季度疲軟表現亦對折扣水平造成壓力,線上及線下折扣幅度均按年擴大低單位數。李寧管理層指出,消費需求疲軟持續影響行業,第三季度至今的弱勢已延續,預示2025年下半年將持續承壓。 大和又指,李寧管理層已承認維持2024年毛利率(49.4%)對2025年來說將是一大挑戰。因此,大和預期管理層將在中期業績時下調2025年淨利潤率指引。
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