智通财经APP获悉，星展发布研报称，李宁(02331)是中国领先的本土运动服饰品牌，截至2024年市场份 额为10.3%。公司亦发展了李宁YOUNG及李宁China品牌，以融入青年文化趋势。该行又表示尽管市场 竞争激烈，但增长正在复苏，遂将目标价从17.4港元上调至每股19.5港元，基于滚动12个月市盈率16倍 (此前为2025财年市盈率15倍)，对比全球同行2025和2026财年预测市盈率24倍及19.9倍，评级"买入"。 星展表示，公司已改善线下及电子商务渠道的零售折扣率。星展预计李宁2025及2026财年销售额，将分 别温和增长1%和6%，受跑步及户外服饰类别的稳定增长，及即将在意大利米兰举行的2026年冬季奥林 匹克运动会投资推动。与此同时，运动生活方式板块的增长正在稳定。 ...

Core Viewpoint - DBS has released a report stating that Li Ning (02331) is a leading domestic sportswear brand in China, with a market share of 10.3% as of 2024 [1] Group 1: Company Performance - Li Ning has developed the Li Ning YOUNG and Li Ning China brands to align with youth culture trends [1] - The company has improved retail discount rates in both offline and e-commerce channels [1] Group 2: Market Outlook - Despite intense market competition, growth is recovering, prompting DBS to raise the target price from HKD 17.4 to HKD 19.5 per share, based on a rolling 12-month P/E ratio of 16 times [1] - Sales for Li Ning are expected to grow modestly by 1% and 6% in the fiscal years 2025 and 2026, driven by stable growth in running and outdoor apparel categories, as well as investments related to the 2026 Winter Olympics in Milan [1] - The growth in the sports lifestyle segment is stabilizing [1] Group 3: Comparative Valuation - The revised target P/E ratio of Li Ning is compared to global peers, which are forecasted to have P/E ratios of 24 times and 19.9 times for the fiscal years 2025 and 2026, respectively [1] - The rating for Li Ning is set at "Buy" [1]