港股体育用品商李宁(02331)今日盘中大跌5.01%,引发市场关注。分析人士指出,主要原因或与公司线下渠道折扣扩大及成本压力有关。
根据相关新闻报道,多家大行预期李宁去年下半年毛利率有所收缩。麦格理认为,李宁去年下半年毛利率按年或略收缩0.5个百分点至47.5%,部分原因是线下折扣按年扩大。同时,成本上升及对品牌投资进一步需求可能导致净利润率按年持平。
在这种情况下,尽管市场预计公司今年收入仍可录得低单位数增长,但利润空间或受限。市场担心公司未来盈利能力受挫,因而纷纷抛售其股票,推动股价大幅下挫。
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