大行评级｜花旗：上调李宁目标价至22港元 维持“买入”评级

Group 1 - The core viewpoint of the report is that Li Ning's management expects sales to achieve low single-digit year-on-year growth by 2025, primarily due to better-than-expected sales of badminton products in non-Li Ning specialty stores [1] - The net profit margin is projected to reach high single digits (over 9%) by 2025, driven by higher-than-expected government subsidies and lower-than-expected operating expenses [1] - Based on a forecasted price-to-earnings ratio of 18 times for 2026, the target price has been raised from HKD 20.6 to HKD 22, maintaining a "buy" rating [1]