《大行報告》野村下調李寧(02331.HK)目標價至43.7元 預期利潤增長放緩
野村發表報告指,李寧(02331.HK)第三季零售流水(不包括李寧YOUNG)按年錄中單位數增長,存貨增至5個月,與同行相比令人失望。在電話會議上,管理層將今年全年收入增長目標下調至單位數,並表示要實現淨利潤率按年改善將面臨挑戰。
此外,野村對分銷商的跨渠道價格套利表示擔憂,認為這可能會擾亂品牌定價。鑒於銷售勢頭不佳,促銷環境充滿挑戰,因此將2023至2025財年銷售預測下調4%至10%,並將2023至2025財年淨利潤率預測下調0.7至0.9個百分點。
由於報告預期李寧利潤增長放緩,下調對其估值基礎,由預測今年市盈率33倍降至25倍,低於同業安踏(02020.HK);報告予李寧目標價由64.1元降至47.3元,評級「買入」。
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