智通财经网·2026-03-23 09:24Core Viewpoint - Citigroup has raised the target price for Li Ning (02331) from HKD 22 to HKD 25, maintaining a "Buy" rating [1] Financial Projections - The group's net profit forecasts for this year and next year have been increased by 5% and 6% respectively [1] - Revenue estimates for both years have been raised by 4% [1] - The target valuation multiple has been adjusted from a projected price-to-earnings ratio of 17 times to 20 times for this year [1] Management Expectations - Li Ning's management anticipates a high single-digit growth in sales for this year [1] - The net profit margin is expected to also show high single-digit growth [1] - Contributing factors include stable gross margins year-on-year, reduced financing costs, decreased government subsidies, and a lower effective tax rate compared to the previous year [1]