大和：李宁(02331)复苏势头正在推进 重申“买入”评级

Core Viewpoint - Daiwa's report indicates that Li Ning's operational data at the end of last year exceeded market concerns and slightly surpassed last year's revenue guidance, with a net profit margin expected to approach 10% [1] Group 1: Financial Performance - Li Ning's management stated that revenue for 2025 may slightly exceed the previous guidance of flat year-on-year growth, with a strong net profit margin projected in the high single digits, close to 10% [1] - Daiwa believes that the recovery momentum of Li Ning is progressing and reaffirms its position as a preferred stock in the Chinese sportswear brand sector [1] Group 2: Market Outlook - The report suggests that the market consensus on Li Ning's forecasts may see slight upward adjustments due to the management's optimistic outlook [1] - Daiwa maintains a target price of HKD 24 and a "Buy" rating based on a projected 18 times price-to-earnings ratio for 2026 [1]