《大行報告》大和降李寧(02331.HK)目標價至85元 評級「買入」
大和表示,李寧(02331.HK)年初至今銷售勢頭穩健,但不確定性多,令管理層指引審慎。該行維持李寧「買入」評級,目標價由102.5元下調至85元。
由於地緣政治不穩、疫情蔓延、供應鏈挑戰、成本上漲等,李寧管理層對2022年收入指引審慎,目標有高十位數至20%低段增長。大和將李寧2022至2023年每股盈利預測上調10%,以反映2021年收入增長勝預期,預計2022至2024年盈利增長和毛利率增長將被削弱。
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