Zhi Tong Cai Jing·2026-01-16 06:51Core 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]