大和：李宁复苏势头正在推进 重申“买入”评级

Core Viewpoint - Daiwa's report indicates that Li Ning (02331) has shown better-than-expected operational data for the last quarter of the previous year, slightly exceeding revenue guidance, with a net profit margin expected to approach 10% [1] Group 1: Financial Performance - Li Ning's management suggested that revenue for 2025 may slightly exceed previous guidance of flat year-on-year growth, with a strong net profit margin projected in the high single digits, nearing 10% [1] - Daiwa believes that the recovery momentum for Li Ning is progressing, reaffirming its position as a preferred stock in the Chinese sportswear sector [1] Group 2: Market Outlook - The report anticipates a turnaround in Li Ning's performance this year, supported by increased brand popularity, new product launches, and store openings [1] - Based on a forecasted 18 times price-to-earnings ratio for 2026, Daiwa maintains a target price of HKD 24 and a "Buy" rating for Li Ning [1]