智通财经网·2026-01-16 05:46Core Viewpoint - Morgan Stanley has set a target price of HKD 25 for Li Ning (02331), based on a 17x price-to-earnings ratio of last year's earnings per share, with an "Overweight" rating [1] Group 1: Financial Projections - Li Ning is expected to achieve a compound annual growth rate (CAGR) of 6% in sales from 2025 to 2027, and a CAGR of 7% in earnings [1] - The company anticipates moderate revenue growth for last year, with net profit margins expected to stabilize in the high single digits, indicating a potential upward adjustment in market consensus for last year's net profit [1] Group 2: Market Conditions and Performance - The cold weather during the shopping peak around the Spring Festival may accelerate sales growth for Li Ning [1] - Morgan Stanley believes that market expectations for Li Ning's last year's earnings will be adjusted to their forecast level of RMB 2.75 billion, suggesting a year-on-year improvement in net profit margin for the second half of last year [1] Group 3: Operational Efficiency - Despite increased advertising and promotional expenses and higher discount rates, Li Ning's operating profit margin remained stable year-on-year, indicating improved operational efficiency [1] - The increase in stock holdings by major shareholders last year is expected to elevate market expectations for Li Ning's performance turnaround [1]