小摩：大削李宁(02331)目标价至14港元 评级降至“减持”
摩根大通发布报告称，大削李宁(02331)目标价69%，从45.4港元至14港元，而评级从“增持”下调至“减持”，对该公司2023-2025年盈利预测下调7%-20%，主要原因是销售增长放缓以及费用上升。摩通的预测比市场低14%-25%。
该行指出，担心李宁近期基本面问题，因为该公司受到内地需求增长放缓的不利因素打击。此外，市场竞争日益激烈(安踏品牌采取更积极的产品/渠道策略，阿迪达斯(Adidas)推出平均销售单价较低的产品)，这可能会增加李宁销售和盈利的不确定性，并增加营运费用的投资。在宏观和全行业遭受挑战的情况下，与执行良好的多品牌组合策略相比，单一品牌策略存在更多不确定性。
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