《大行》招銀國際升李寧(02331.HK)目標價至23.02元 仍保持正面看法
招銀國際研究報告指出,李寧(02331.HK)今年上半年淨利潤按年下降,但核心經營溢利開始再次增長。鑑於下半年可能更具挑戰性,該行下調李寧淨利潤預測,但考慮到公司的轉型努力及品牌內在價值,予該股維持「買入」評級。
根據招銀國際的渠道檢查,李寧今年7月電商銷售增長,低於今年6月及第二季。因此,該行料李寧7月至8月中旬零售銷售增長或較第二季惡化,線下及線上渠道的零售折扣按年擴大并不驚訝。若每店銷售(特別是線下銷售)進一步下降,2025年下半年預計可能需關閉更多門店。
招銀國際又認為,李寧管理層維持2025財年指引不變是合理,因產品線品質強化及推出更多新產品和新系列的銷售增長驅動力,可能被較弱的宏觀環境及電商銷售增長放緩(或因去年高基數)所抵銷。
該行將李寧目標價從18.95元上調至23.02元,並將2025至2027財年淨利潤預測分別下調5%、1%及4%;此外,隨著非凡中國開始回購更多李寧股份,以及中國政府促進消費的意願日益增強,該行對未來幾年或出現的復甦更加樂觀。
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