《大行》匯豐: 李寧(02331.HK)前景依然黯淡 目標價微升至17.7元
匯豐環球研究報告指出,李寧(02331.HK)管理層維持全年目標,但自第二季起,其銷售趨勢和零售折扣進一步惡化,故該行維持對李寧的「持有」評級,目標價上調9.3%,從16.2元升至17.7元,主要因資本成本(WACC)降低;2026、2027年預測盈利基本不變。
該行引述李寧管理層表示,零售環境自第二季起進一步惡化,線下流量和零售折扣的下降加劇,且無改善跡象。匯豐維持對李寧的2025年稅前預測基本不變,但因稅率上升,將2025年淨利潤預測下調10%,淨利潤率預測由原來的9.7%降至8.7%,收入增長預測維持1%。
匯豐又認爲隨着盈利削減週期結束,李寧的估值已觸底。雖然增長可能保持低迷,但考慮到2026年稅率正常化,利潤率應在2025年觸底。然而,匯豐不認爲有任何立即的催化劑來促進重評。
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