《大行報告》摩通下調李寧(02331.HK)目標價至91.6元 評級「增持」
摩根大通發表研究報告,指在李寧(02331.HK)公布去年業績高於預期後,該行對其品牌力量更有信心,料有能力擴大市佔及改善經營效率。李寧去年純利增長136%,勝該行預期12%,主因銷售及經營槓桿高於預期,部分抵銷因渠道組合改變帶來毛利率收窄。此外,李寧今年指引優於預期,即使在去年高基數下,料銷售增長達介乎約17%至23%。考慮疫情發展,毛利率指引料介乎15%至19%,屬「審慎保守」指引。
此外,本年至今李寧零售銷售增長穩固;次季銷售增長目標料達中單位數;管理層亦分享關於持續經營效率改善計劃的進展。該行稱,有信心李寧長期結構性增長由品牌擴張、業務槓桿及經營效率改善等推動,上調明後兩年盈測7%至8%,以現金流折現率計,目標價由105元降至91.6元,評級「增持」。
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