星展：上调李宁目标价至19.5港元

Core Viewpoint - DBS forecasts that Li Ning's sales will experience moderate growth of 1% and 6% in the fiscal years 2025 and 2026 respectively, driven by stable growth in the running and outdoor apparel categories, as well as investments related to the 2026 Winter Olympics [1] Summary by Category - Sales Growth Forecast - Li Ning's sales are expected to grow by 1% in FY2025 and 6% in FY2026 [1] - Growth Drivers - The primary drivers for this growth include stable performance in the running and outdoor apparel segments [1] - The upcoming 2026 Winter Olympics is anticipated to boost related investments [1] - Target Price Adjustment - DBS has raised Li Ning's target price from HKD 17.4 to HKD 19.5 while maintaining a "Buy" rating [1]