《大行報告》高盛上調李寧(02331.HK)目標價至58元 續列確信買入名單
高盛發表的研究報告指,李寧(02331.HK)管理層在業績會議中對盈利前景有信心,並指出今年以來線下銷售較2019年增長達36%至39%左右;較2019年同期比較,線上增長更達60%至70%,線上及線下增長高於同業。管理層亦指引收入將增長25%左右水平,而淨利潤率則料擴張100個基點,同業安踏體育(02020.HK)早前則指引核心品牌增長為雙位數,Fila品牌則料逾20%,該行認為考慮到今年以來業務走勢強勁,李寧的指引或有潛在上行。
另外管理層亦提出了提升產品、渠道、供應鏈及組織等效益的詳情,該行相信將持續支持其利潤擴張。該分投資者認為公司去年下半年驚喜有限,不過該行認為應聚焦於增長的質量,考慮到其渠道庫存已回復至疫情前水平,而新產品庫存比率提升,意味正鋪路加快銷售及折扣改善。該行將公司2021至2025年淨利預測升2%至4%,以反映銷售及利潤趨勢,維持「買入」評級並列確信買入名單,目標價由56元升至58元。
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