瑞银：升李宁(02331)评级至“买入”目标价28.6港元 料首季销售增长加速

Core Viewpoint - UBS upgraded the investment rating of Li Ning (02331) from "Neutral" to "Buy," anticipating a significant acceleration in sales growth in Q1 this year, shifting from a low single-digit decline to a mid-to-high single-digit increase, driven by the Glory series, new outdoor categories, and strong performance in badminton and running shoe products [1] Financial Projections - UBS raised the net profit forecasts for Li Ning for 2025 to 2027 by 4% to 7%, with the target price increased from HKD 21.8 to HKD 28.6, which corresponds to a projected P/E ratio of 18 times for 2027 [1] - Earnings per share forecasts for Li Ning from 2026 to 2029 are projected to be RMB 1.18, 1.37, 1.55, and 1.7 respectively [1]