《大行報告》高盛降內地體育用品股目標價 首選李寧(02331.HK)
高盛發表報告指,考慮到最近疫情發展,將中國體育用品股2022年至2024年的盈利預測下調2%至28%,以反映今年第二季的挑戰和對第三季的影響。至於復甦路徑的能見度仍不穩定,取決於政府的疫情防控措施。
高盛指,李寧(02331.HK)是其行業首選(「確信買入」名單),因利潤最具韌性,得益於其精簡的庫存水平、靈活的成本結構和健康的品牌勢頭,目標價由104元下調至96元,對其估值水平相當預測2026財年市盈率30倍。。
該行調低對安踏(02020.HK)目標價由159元下調至139元,對其估值水平相當預測2026財年市盈率由28倍下修至25倍。高盛亦調低對滔搏(06110.HK)目標價由11.3元下調至9.8元;該行亦降寶勝國際(03813.HK)目標價由1.9元下調至1.8元,全部維持「買入」評級。
高盛預計短期內,李寧、安踏主品牌、FILA今年首季的銷售增長分別約爲30%、16%至19%、中單位數,由於基數較高和近期疫情反覆,2022年第二季銷售將分別倒退5%、5%、10%。
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