《大行報告》大摩下調李寧(02331.HK)、安踏(02020.HK)及滔搏(06110.HK)目標價
大摩發表報告指,宏觀環境難以預測,下調三隻體育用品股目標價,其中安踏(02020.HK)自3月下旬以來的銷售趨勢表明,由於新冠疫情的再爆發和不斷升級的防疫措施,中國的零售客流量已顯著惡化。該行估計今年第二季安踏品牌和FILA的銷售額分別下降5%-10%和20%。
大摩對安踏下半年表現更加保守,假設安踏品牌在下半年的零售錄得10%至20%低段增長,這意味著與2019年下半年相比,其複合年增長率將達到高單位數。假設FILA在下半年增長率為低單位數,這意味著與2019年下半年相比,複合年增長率為低十位數。估計安踏今年的銷售額和盈利分別增長10%和5%。該行將安踏目標價下調2%至133元。
大摩估計,李寧(02331.HK)第一季的零售額增長約30%,其中3月份增長將從1月和2月的逾40%放緩至約10%,將李寧2022-2023年的盈利預測下調6%-7%,並將目標價下調13%至89元。
大摩估計,滔搏(06110.HK)下半財年的銷售額和淨利潤將分別下降18%和25%,大摩估計滔搏2022財年銷售額下降11%,盈利下降 9%,將目標價削減22%至9.3元。
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