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《大行報告》中金升李寧(02331.HK)目標價至29.34元 但維持「中性」評級
阿思達克 10-23 15:00

中金發表報告表示,李寧(02331.HK)截至今年第三季度同店銷售額(營業超過一年的實體店;不包括李寧 YOUNG系列)增長10-20%高段(第二季度約為10-20%中段)。整體零售額增長30-40%低段(第2季度增長20-30%低段)。 此外,2020年2季度訂貨會按吊牌價計價的訂單金額按年增長10%-20%低段。

該行指,由於對李寧率收入和利潤率改善的信心增加,決定將公司2019年和2020年每股盈利預測分別上調3%和6%,各至0.59元和0.73元人民幣,分別對應按年增長92%和23%。該行指,目前李寧股價對應今明兩年市盈率各40倍及33倍,考慮盈利預測調整和估值切換,該行將目標價格上調35%至29.34港元,此相當預測2020年市盈率36倍,但考慮公司年初至今的估值重估,維持對其「中性」評級。

中金指,線下批發和直營門店的同店銷售業績均增長10-20%低段,電商實現50-60%中段的增長。該行預計將利好利潤率改善:線下直營門店有望受益於經營槓桿;批發業務方面,在零售商盈利能力改善的情況下,該行預計銷售回扣將有所下降。

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