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《大行》中銀國際升李寧(02331.HK)目標價至18.9元 下半年挑戰加劇
阿思達克 08-25 15:39
中銀國際發表報告,認為李寧(02331.HK)2025年中報有一定驚喜,在該行口徑下經調整後的淨利潤按年增長3%,對比報表口徑按年下降11%,反映一大利潤壓力來源是非經營性相關。李寧繼續在整改過程中取得一定進展,例如跑步和羽毛球等功能性產品錄得強勁的增長。 不過該行預期下半年會有更多的挑戰,例如奧運讚助等較高費用會在期內入賬。同一時間,第三季零售環境繼續充滿挑戰,該行認為四季度可能會進一步惡化。考慮到李寧的最新指引反映公司仍在犧牲短期盈利能力,同時欠缺具體的翻身時間表,維持謹慎看待。目標價由15.7港元升至18.9港元,評級「持有」。
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