智通财经网·2026-01-16 06:47Group 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]