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《大行》中銀國際降李寧(02331.HK)目標價至15.7元 618表現疲弱
阿思達克 07-15 14:10
中銀國際發表報告指,李寧(02331.HK)第二季零售流水僅按年增長1%,低於公司預期,但和該行渠道調研一致。這反映體育品牌在上半年面臨的競爭格局進一步惡化,而目前仍在整改的李寧壓力會更大。 報告指,公司管理層觀察到618表現疲弱,而且趨勢在第三季初期延續,並預期公司較難維持去年全年毛利率的水平。該行認為這反映2025年的每股盈利會有更多的下降空間(該行料按年跌15%),而2026年也可能會面臨同樣壓力。 該行建議投資者關注公司下半年的營銷活動,考慮到公司近期缺乏盈利催化劑,估值也相對合理,維持「持有」評級。目標價由16.4元降至15.7元。
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