瑞银升李宁(2331.HK)目标价至20.31港元评级“中性”
瑞银发表研究报告,相信李宁(2331.HK)
上半年业绩会强劲,因为推广中国李宁品牌,以及经营利润率
续提升。不过,相信2020年后的同店销售增长能力有限,因过去主要由新产品推动。目前店铺只有20%不是新产品。
该行上调其2019-21年的盈利预期26-32%,看好其服饰推广策略,但对盈利影响仍有限,维持“
中性
”评级,目标价由13.43港元升至20.31港元。
该行指,公司迎合“
国潮
”趋势,认为中国李宁已成为一个备受追捧的品牌,但公司仍缺乏管理高端品牌经验,故限制持续增长。
该行又指,公司的经营利润自2014年起已有改善,预期可由2018年的7%升至2020年的10%,接近国际运动品牌的12%,相信公司未来的经营溢利增长会放慢。
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