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《大行》招銀國際:李寧(02331.HK)第二季零售流水大致符合預期 挑戰正在加劇
阿思達克 07-15 14:03
招銀國際發表報告指,李寧(02331.HK)第二季度零售流水基本符合預期,不過,即使管理層重申2025財年指引,但對其前景看法會較保守。雖然管理層仍致力實現2025財年的目標(銷售持平,淨利率高單位數),但認為挑戰正在加劇,因此2025至2027財年淨利潤預測下調約3%至4%。 該行指,李寧挑戰主要來自以下幾方面,一是7月的零售流水趨勢疲弱,二是門店拓展進度有不達標的可能,或拖累批發業務增長,三是可能為去庫存而加大折扣壓力,尤其在整體行業促銷氛圍加劇的背景下,管理層亦已確認毛利率或將按年下滑,四是若下半年同店銷售轉負,將出現經營槓桿負面效應,五是與中國奧委會讚助相關的廣告推廣費用將於下半年及2026財年集中入賬,帶來費用壓力。 招銀國際維持李寧「買入」評級,目標價下調至18.95元。
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