Zhi Tong Cai Jing·2026-03-23 09:33Core Viewpoint - The report from Credit Lyonnais indicates that Li Ning (02331) has set a sales guidance for this year that anticipates a high single-digit growth year-on-year, which is above expectations, leading to a rise in its stock price on Friday, the 20th [1] Group 1: Sales and Profit Forecast - The sales forecast for the group for 2026 to 2027 has been raised by 7% to 8% [1] - The net profit forecast has been adjusted upwards by 7% to 11% [1] - The target price has been increased from HKD 18 to HKD 24, and the rating has been upgraded from "Hold" to "Outperform" [1] Group 2: Profit Margin Insights - The net profit margin for last year's second half was 8.1%, making this year's net profit margin guidance not surprising [1] - The guidance for this year will be influenced by factors such as sponsorship expenses related to the Chinese Olympic Committee, the opening of more stores, and increased operational expenditure investments [1]