You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》麥格理下調李寧(02331.HK)目標價約13%至68元 相信股價調整反映較低市場預期
阿思達克 07-12 10:19
麥格理發表研究報告指,消費者疲弱的情緒可能會在未來幾個月為李寧(02331.HK)的零售銷售增長帶來壓力,並將持續到第四季反彈之前。另一方面,集團增加投資所帶來的短期利潤壓力將為其長期增長鋪路。該行降低集團盈測,又將其目標價下調13%至68元,相信股價調整反映出較低的市場預期。 該行預計,集團今年全年收入增長11%,低於其增長中十位數的指引,而上半年收入將按年增長7%,主要是受到線下直營零售業務(按年增長20%)復甦帶動,其次是批發業務(按年增長7%),而電子商務料將下降5%。該行預期,集團毛利率將按年下降2.1個百分點,這是由於上半年渠道組合的負面影響及首季零售折扣較大。除了去年政府補助的比較基數較高之外,線上線下活動的營銷支出亦有增加,加上2022年下半年開設的商店租金開支,將為費用比率帶來壓力。該行又預計,集團淨利潤率將為14.5%,意味著淨利潤按年下跌約12%,又料其第二季的線下零售額將可錄雙位數增長,高於首季的中單位數增長。 由於較低的收入及利潤預期,該行分別下調集團2023及24年的盈測12%,目標價下調12.8%,由78元降至68元,評級為「跑贏大市」。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.
uSMART
Wealth Growth Made Easy
Open Account