李寧第三季數據差調低全年增長指引 股價曾挫逾兩成 (13:09) – 20231026 – 即時財經新聞

據內地券商華泰證券指,李寧今年第三季全渠道零售流水同增中單位數,低于該行低雙位數的預期,主因渠道竄貨拖累其批發和線上渠道增長;期末渠道庫銷比從2023年第二季末的3.8倍,增加至約5倍,公司將在第四季增加零售折扣以盡量推動渠道庫存回歸健康,並儘快控制渠道竄貨問題,預計下半年的批發收入增速將因此被拖累。

該行又引述管理層下調今年收入指引至同比增長個位數,此前為10-20%中段,預計全年毛利率按年改善面臨壓力,又預計收入增速放緩也將給經營槓桿帶來負面影響。該行下調李寧目標價30%至42.2元,評級為買入。

至於國盛證券則指,在批發方面,李寧的2023年第三季批發渠道流水按年增長低單位數,其中同店下降10%-20%低段,竄貨問題致使門店成交率受到一定影響。至於電商方面,第三季的電商渠道流水/同店按年均下滑低單位數,其主要原因包括2022年第三季基數較高﹔竄貨問題在電商渠道表現較為明顯,低價產品的銷售對公司自有的天貓、京東等平台造成一定影響﹔以及折扣按年仍有差距,出於清理庫存的需要,預計第三季電商渠道銷售折扣按年仍有一定缺口。

國盛指,李寧2023 年前三季度在終端消費環境的波動態勢下,公司銷售表現受到一定影響,第四季公司將業務重點聚焦在庫存去化,該行判斷在內外部環境的壓力下,2023年業績或將有所下滑。然而該行認為公司短期的多項舉措,其本質旨在實現長期健康增長,並預計隨著渠道庫存問題的解決,2024年公司有望重新回到良性健康增長的軌道上來。該行維持公司「買入」評級。

其他報道

GUM:強積金10月份人均虧損3940元

半日沽空金額減9% 盈富沽空增1.2倍

北京控股:戴小鋒辭任執董兼主席 楊治昌接任

渣打第三季轉蝕 業績遜預期

極兔速遞IPO以12元定價 一手中籤率100%

恒指半日跌94點 科指跌0.34% 李寧跌18% 南、北水轉流入

中遠海運港口第三季盈利倒退4%至8331萬美元

港元拆息普遍向上 1個月HIBOR轉升0.11點子

耀才許繹彬:減印花稅屬意料之內 對港股沒憧憬

華爾街日報:習近平正為內房爆煲尋找可指責的人

拜登警告中國 若在南海襲擊菲律賓船隻 美國將被迫干預

李家超籲市民勿過度追求物質生活

菲律賓將撤回中國融資建鐵路請求

蘋果據報計劃對AirPods進行全方位改革

IBM第三季收入增長4% 略勝預期

Meta:明年收入前景不確定 繼續投資AI、虛擬實境工具

SK海力士第三季收入降17% 較上季收窄

野村在虧損擴大後 正全面評估內地業務

福特與UAW達成初步勞工協議 加薪25%

恒指低開0.21點 科指跌0.03% 李寧跌13.9% 零跑升11%

拜登據報周五與外長王毅會談

維達第三季EBITDA升16% 首三季EBITDA跌29%

港股ADR升31點 夜期高水73點 美期亞股跌 建行、中人壽等業績

零跑溢價19%向Stellantis配股 最終持股或逾21% 籌85億





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