智通财经APP获悉，大和发布研报称，李宁(02331)去年末季营运数据优于市场所忧虑情况，略超去年营 收指引; 净利润率有望接近10%，料今年业绩扭转颓势，并伴随品牌热度提升，以及新产品及门店推 出，基于2026年预测18倍市盈率，重申目标价24港元及"买入"评级。 该信息由智通财经网提供 大和指出，在分析师电话会议中，李宁管理层指2025年营收可能略超先前同比持平之指引，而净利润率 将达到"强劲的高单位数"(接近10%)。这些说法大致符合大和预测，应促使市场共识对预测进行小幅上 调。大和相信李宁的复苏势头正在推进，并重申其作为中国运动服饰品牌的首选标的。 ...

Core Viewpoint - Daiwa's report indicates that Li Ning (02331) has shown better-than-expected operational data for the last quarter of the previous year, slightly exceeding revenue guidance, with a net profit margin expected to approach 10% [1] Group 1: Financial Performance - Li Ning's management suggested that revenue for 2025 may slightly exceed previous guidance of flat year-on-year growth, with a strong net profit margin projected in the high single digits, nearing 10% [1] - Daiwa believes that the recovery momentum for Li Ning is progressing, reaffirming its position as a preferred stock in the Chinese sportswear sector [1] Group 2: Market Outlook - The report anticipates a turnaround in Li Ning's performance this year, supported by increased brand popularity, new product launches, and store openings [1] - Based on a forecasted 18 times price-to-earnings ratio for 2026, Daiwa maintains a target price of HKD 24 and a "Buy" rating for Li Ning [1]

Core Viewpoint - Haitong International maintains an "outperform" rating for Li Ning (02331) and raises the target price by 6% to HKD 22.3, indicating a potential upside of 13.9% [1] Financial Projections - Revenue projections for Li Ning from 2025 to 2027 are expected to reach RMB 28.79 billion, RMB 30.1 billion, and RMB 31.69 billion, representing year-on-year growth of 0.4%, 4.5%, and 5.3% respectively [1] - Net profit attributable to shareholders for the same period is forecasted to be RMB 2.64 billion, RMB 2.72 billion, and RMB 3.01 billion, corresponding to price-to-earnings ratios of 17.2x, 16.7x, and 15.1x respectively [1] Strategic Outlook - The adjustment of product categories and channels for Li Ning is expected to conclude this year, with the company planning to increase resource allocation and marketing efforts [1] - Haitong International is optimistic about the long-term brand strength and consumer perception that will result from these investments [1]

Group 1 - The core viewpoint of the report is that Haitong International maintains an "outperform" rating for Li Ning (02331) and raises the target price by 6% to HKD 22.3, indicating a potential upside of 13.9% [1] - Li Ning's category and channel adjustments are expected to be completed this year, with the company planning to increase resource allocation and promotional efforts [1] - Haitong International forecasts Li Ning's revenue for 2025, 2026, and 2027 to be RMB 28.79 billion, RMB 30.1 billion, and RMB 31.69 billion respectively, with year-on-year growth rates of 0.4%, 4.5%, and 5.3% [1] Group 2 - The expected net profit attributable to the parent company for the same years is RMB 2.64 billion, RMB 2.72 billion, and RMB 3.01 billion, corresponding to price-to-earnings ratios of 17.2x, 16.7x, and 15.1x respectively [1] - The report emphasizes the positive impact of Li Ning's investments on long-term brand strength and consumer perception [1]

Core Viewpoint - The report from浦银国际 indicates that with the current strong market sentiment, if Li Ning's brand strength and sales show a clear upward trend, its stock price is expected to gain significant upward momentum. The firm maintains a "Buy" rating for Li Ning and raises the target price to HKD 23.4, equivalent to 18 times the 2026 P/E ratio [1] Group 1: 2025 Performance Expectations - The management anticipates that the performance in 2025 will exceed the company's initial guidance, with full-year revenue expected to show a slight year-on-year increase driven by rapid growth in children's clothing and professional channels [2] - The forecast for 2025 includes a revenue increase of 2.5% to RMB 29.4 billion, with a net profit of RMB 2.75 billion and a net profit margin of 9.4%. After excluding one-time impairment items from the first half, the core net profit is expected to reach RMB 2.93 billion, with a core net profit margin of 10.0% [2] Group 2: Future Trends - Li Ning is one of the few sports brands that showed a month-on-month improvement in sales in December, likely due to the launch of the Honor Gold Medal product series at the end of last year. The short-term sales performance is heavily influenced by the timing of the New Year and Spring Festival holidays, which may not provide a reliable reference [3] - With the Milan Winter Olympics approaching on February 6, the brand's exposure is expected to continue increasing, positively impacting future sales trends [3] Group 3: 2026 and Beyond Development Predictions - For 2026, management plans to moderately lower growth expectations for running and badminton categories while hoping for improved performance in basketball and sports lifestyle categories. The overall revenue growth is expected to accelerate due to continued growth in the running category [4] - The company will increase marketing expenditures in 2026, with the marketing expense ratio expected to rise year-on-year. Focusing on "Olympics + Technology," Li Ning aims to enhance brand strength and reshape its brand over the next three years, laying a foundation for long-term revenue growth [4]

Core Viewpoint - The report from浦银国际 indicates that with the current strong market sentiment, if Li Ning's brand strength recovers and revenue shows a clear improvement trend, its stock price is expected to gain significant upward momentum. The firm maintains a "Buy" rating for Li Ning and raises the target price to HKD 23.4, equivalent to 18x 2026 P/E [1]. Group 1: 2025 Performance Expectations - The management anticipates that the overall revenue for 2025 will show a slight year-on-year increase, driven by rapid growth in children's clothing and professional channels, which is better than the initial guidance of "flat year-on-year revenue" [2]. - The firm forecasts Li Ning's total revenue for 2025 to grow by 2.5% year-on-year to RMB 29.4 billion, with net profit reaching RMB 2.75 billion and a net profit margin of 9.4% [2]. - After excluding one-time impairment items from the first half of the year, the core net profit is expected to reach RMB 2.93 billion, with a core net profit margin of 10.0% [2]. Group 2: Future Trends - Li Ning is one of the few sports brands that showed a month-on-month improvement in December revenue, likely due to the launch of the Honor Gold Medal product series at the end of last year [3]. - The short-term revenue performance is significantly influenced by the timing of the New Year and Spring Festival holidays, which may not provide a reliable reference [3]. - With the upcoming Milan Winter Olympics starting on February 6, Li Ning's brand exposure is expected to increase, positively impacting future revenue trends [3]. Group 3: 2026 and Beyond Development Outlook - For 2026, management plans to moderately lower growth expectations for running and badminton categories while expecting improvements in basketball and sports lifestyle categories [4]. - The firm predicts that revenue from the running category will continue to grow over the next two years, accelerating overall revenue growth for Li Ning [4]. - Li Ning will increase marketing expenditures in 2026, with the marketing expense ratio expected to rise year-on-year, focusing on brand reshaping and enhancement over the next three years [4].

Core Viewpoint - Goldman Sachs reports that Li Ning's management indicates a slight year-on-year revenue increase for the fiscal year 2025, compared to the previous guidance of flat revenue [1] Group 1: Financial Performance - The net profit margin is positioned at a high single-digit guidance level, supported by government subsidies and better-than-expected control of operating expenses [1] - The company anticipates an increase in advertising and promotional investments for 2026, while aiming to further optimize other operating expenses [1] Group 2: Forecast Adjustments - Goldman Sachs raises Li Ning's net profit forecast for 2025 by 15%, and also increases the net profit forecasts for 2026 and 2027 by 1% [1] - The target price is slightly raised from HKD 19.2 to HKD 19.5, maintaining a "Neutral" rating [1]

大摩认为，市场对李宁去年的盈利预测将上调至该行预测的水平，即27.5亿元人民币。意味着去年下半 年净利率可能同比提升。虽然广告与推广支出增加且折扣幅度加大，但李宁去年营业利润率同比持平， 表明营运效率有所提升。考虑到主要股东于去年增持股票，大摩认为市场对李宁业绩转势的预期将会上 升。 摩根士丹利发布研报称，基本情境下，基于对去年李宁(02331)每股盈利预测的17倍市盈率为目标，目 标价25港元。预期李宁2025至2027年销售额复合年均增长率为6%，盈利复合年均增长率为7%;评级增 持。 李宁预期去年营收将实现温和增长(相对先前指引为持平)，净利率预计稳定在高单位数的高位，意味市 场对其去年净利润的共识预期将上调。大摩指，春节购物旺季前后的寒冷天气可能会加速销售增长。 ...

Core Viewpoint - The report from Daiwa Capital Markets indicates that Li Ning's management is confident in exceeding previous guidance for the full year, expecting moderate revenue growth and a net profit margin at the upper limit of the high single-digit percentage guidance [1] Group 1 - Li Ning's revenue growth is expected to be supported by government subsidies exceeding expectations [1] - The company has strengthened cost control measures and closed some loss-making stores, contributing to cost savings [1] - Daiwa has raised Li Ning's target price from HKD 18.5 to HKD 20.2 while maintaining a "Hold" rating [1]

李宁预期去年营收将实现温和增长(相对先前指引为持平)，净利率预计稳定在高单位数的高位，意味市 场对其去年净利润的共识预期将上调。大摩指，春节购物旺季前后的寒冷天气可能会加速销售增长。 大摩认为，市场对李宁去年的盈利预测将上调至该行预测的水平，即27.5亿元人民币。意味着去年下半 年净利率可能同比提升。虽然广告与推广支出增加且折扣幅度加大，但李宁去年营业利润率同比持平， 表明营运效率有所提升。考虑到主要股东于去年增持股票，大摩认为市场对李宁业绩转势的预期将会上 升。 智通财经APP获悉，摩根士丹利发布研报称，基本情境下，基于对去年李宁(02331)每股盈利预测的17倍 市盈率为目标，目标价25港元。预期李宁2025至2027年销售额复合年均增长率为6%，盈利复合年均增 长率为7%; 评级增持。 ...