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招銀國際:維持李寧(2331.HK)買入評級 目標價升至103.82港元
格隆匯 06-28 12:38

招銀國際發表研究報吿,將李寧公司(2331.HK)目標價上調至103.82港元,考慮到核心純利之三年複合增長料達40%,認為估值仍然吸引,所以維持買入投資評級。

報吿指,李寧上週五晚發盈喜,預期截至6月底之上半年純利不少於18億元人民幣,增長逾160%,較市場預期高25%,主要由於收入增長超過60%及經營利潤率持續改善,相信動力主要來自新疆棉事件;近期的品牌提升;零售折扣改善。

報吿指,展望下半年,對盈利增長維持樂觀,受惠本地服裝品牌之增長、品牌提升令產品均價持續上升、經營效率於新行政總裁帶領下改善。將李寧之2021/22/23年盈利預測上調 30%/24%/21%,以反映較佳的毛利率和經營槓桿。

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