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《大行報告》瑞銀:李寧(02331.HK)上季零售銷售符預期 降盈測目標價下調至79元
阿思達克 10-20 10:39
瑞銀發表研究報告,指李寧(02331.HK)公布第三季零售銷售,表現符合預期。 報告指,國慶假期前半段銷售表現疲軟,但下半段由於氣溫回落,令期內整體零售銷售錄得增長。截至第三季底止,李寧門店增至6,101家(撇除童裝),其中零售渠道長179家,帶動零售渠道的銷售增長。管理層透露未打算改變零售及批發組合結構,又預計第四季的折扣幅度不會太大。 管理層並維持今年全年約17%至略高於20%的收入增長指引,淨利潤率料達15%至19%,同時對2023 年持審慎樂觀看法。瑞銀將李寧目標價由87元下調至79元,2022至2024年每股盈利預測下調3%至6%,以反映9月以來運動服裝消費趨勢放緩,評級「買入」。
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