《大行報告》建銀國際下調李寧(02331.HK)目標價至52.6元 評級「跑贏大市」
建銀國際發表研究報告指出,李寧(02331.HK)中期純利按年跌3%至21.21億元人民幣,低過該行預期,主要由於公司毛利率與其他收入遜預期。期內收入按年增長13%,表明由於所有渠道的消費復甦,第二季銷售額按季有所回升。
該行認為,李寧首季大力促銷,加上渠道組合的不利變化和折舊更快,令上半年毛利率按年收縮1.2個百分點至48.8%。此外,租金、員工成本以及廣告和促銷費用上升,加上其他收入下降,導致EBIT利潤率按年跌3.6個百分點至17.7%。淨利潤率跌2.5個百分點至15.1%。
此外,鑑於中國消費逐步復甦,該行料李寧7月至今的銷售勢頭將保持穩定。由於節日銷售、新產品推出、庫存清理工作完成,以及去年第四季的極低基數,該行預計李寧第四季的銷售增長將更為明顯。該行料公司下半年收入增長15%,毛利率較上半年增長0.2個百分點至49%,主要由於零售折扣的持續改善。
該行將李寧今明兩財年的盈利預測下調7%及12%,以反映上半年營運開支增加及在線銷售和毛利率疲弱。對公司目標價由56.6元下調至52.6元,鑑於公司專注於維持業務增長和開發功能性產品,以增強產品組合,對公司增長前景維持正面看法,並維持對其「跑贏大市」評級。
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