小摩:重申李宁增持评级 目标价升至94港元

小摩发布研究报告称,重申(02331)“增持”评级,将2022-24财年纯利预测上调1%至2%,目标价由88港元上调至94港元。公司上半年纯利同比增长12%,受销售同比增长22%所推动,但因折扣力度较大、成本通胀及渠道组合,销售增长被毛利率收缩所部分抵销,维持对今年约17%-23%的销售增长指引,以及指引净利润率或达高双位数(约16%-19%)。

该行指出,李宁于7月至8月10日期间,零售销售取得同比增长约13%-17%,并呈连续改善趋势,而且折扣较第二季有所收窄;另由于高基数等影响,第二季零售销售跌幅达高单位数;渠道库存水平仍处于3.6个月的健康水平,相对于去年上半年为3.1个月。该行对李宁长期结构性增长保持信心,认为进一步释放品牌价值,其他品牌难以效仿,而且持续提升效率和业务扩张。

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