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》花旗:李寧(02331.HK)未來兩季需積極去庫存 對內地體育用品企業造成明顯壓力
花旗發表報告指,李寧(02331.HK)第三季零售銷售差過市場預期,渠道庫存對銷售比率按季急升,由第二季末的3.8倍增至第三季末的5倍,公司需於第四季及明年第一季積極去庫存,因此今年全年指引顯著下調,收入只有高單位數增長,淨利潤率為低十位數(low-teen)水平。該行相信李寧加大折扣,對大部分內地體育品牌造成壓力,尤其是平均售價較李寧低20至30%的品牌。售價較高的國際品牌及小眾品牌,所受影響較輕微,分銷商如滔搏(06110.HK)所受影響最少,行業的偏好為滔搏、其次為安踏(02020.HK)及李寧。 該行指,未有下調李寧評級,因為近年李寧面對庫存壓力時,都能夠快速回應,雖然股價短期受壓,但相信投資者在未來兩季,觀察公司的定價紀律及零售趨勢後,能夠對2024年至2025年盈利增長恢復信心。 花旗繼早前下調李寧的盈利預測後,再次將今年至2025年三年期間的盈利預測,分別下調22%、16%及9%,目標價由45.1元下調至35.5元,評級「買入」。
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