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《大行》大華顯繼微降李寧(02331.HK)目標價至18.9元 維持「買入」評級
阿思達克 07-15 14:45
大華顯繼研究報告指,李寧(02331.HK)今年第二季零售賣場表現低於管理層預期,賣場動能在7月持續承壓。展望未來,李寧管理層認為公司難以實現2025年下半年的內部零售賣場目標以及全年目標。2025年次季折扣加深,7月進一步加劇,使全年毛利率相較2024年水平承壓。大華維持李寧「買入」評級,目標價下調1%至18.9元,意味著2025年預測市盈率16.6倍及2026年預測市盈率15.0倍。 大華續指,李寧今年下半年廣告及推廣費用比率高於上半年,淨利潤率預計下降。 管理層維持全年廣告及推廣費用比率保持在低十位數的預期,但預計2025年下半年比率將高於上半年,因下半年計劃與中國奧委會相關的一系列活動。因此,大華預計2025年下半年淨利潤率呈下降趨勢。 大華分別下調李寧2025、2026年盈利預測5%、4%,維持收入預測不變,保持毛利率預估不變,但將銷售及分銷費用比率分別上調0.6個百分點、0.5個百分點,以反映廣告及推廣費用的上升。
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