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研報掘金|中金:上調李寧目標價至25.33港元 維持“跑贏行業”評級
格隆匯 06-03 09:45
中金髮表報吿指,李寧於5月29日舉辦2024李寧科技大秀,回顧了李寧多年來的科技創新歷史,並推出龍雀、絕影3等科技新品。中金認為李寧品牌具備較為領先的品類擴容能力、產品矩陣化能力和系列疊代能力。專業運動裝備的持續疊代和矩陣化營運也帶來良好的銷售表現,截至2023年,飛電、赤兔,超輕三款不同功能性的跑鞋年銷售量已突破900萬雙。公司進一步明確了將研發創新作為成長動力的發展方向,力爭實現產品領先、科技領先,滿足消費者日益增長的運動需求。中金指科技創新賦能李寧產品競爭力,維持公司2024和2025年每股盈利預測1.25和1.44元不變,當前股價對應15和13倍2024和2025年市盈率,維持“跑贏行業”評級。考慮行業估值中樞有所提升,上調目標價21%至25.33港元,對應18和15倍2024和2025年市盈率。
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