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《大行報告》摩通:李寧(02331.HK)業績令人驚喜 去年下半年純利高預期一成
阿思達克 03-27 11:13
摩根大通發表報告表示,李寧(02331.HK)去年下半年純利按年升58%,優於該行及市場原先預期均10%,相信業績令人驚喜,主要受期內銷售按年升31%勝預期、毛利率處48.6%符預期,而營業費用與銷售比率為38.6%低於預期、有效稅率較低、核心盈利毛利率較高。

該行指,李寧派每股末期息15.47分,派息比率相當25%,對比2018年為30%,並指公司去年第四季同店銷售表現優預期,維持對其「增持」投資評級及目標價31元,將關注疫情下對今年首季業務影響、對分銷商提供何種支持措施、今年開新店計劃及毛利率趨勢等。

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