摩通:升李寧(2331.HK)目標價至31港元 維持“增持”評級
摩根大通發表研究報告,指李寧(2331.HK)
公佈的第三季業績正面,零售銷售及同店銷售增長均有所加快,表現略為好過該行預期。更令人鼓舞的是,折扣及庫存水平均按年有改善,相信品牌資產是其強勁業績的主要推動力,因為“
李寧
”品牌如今已被公認為具有中國特色及與體育概念融合的運動服裝品牌。
摩通相信,公司在改善產品、渠道效益及供應鏈方面的努力將會為未來三年的毛利率擴張帶來支持。將其目標價由原來的26港元上調至31港元,維持“
增持
”投資評級,李寧仍是該行在中國運動服裝品牌板塊上的首選。
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