李宁- 暂非重新评估时机

EQUITY: CONSUMER RELATED Not the time to revisit yet FY24 results in line; FY25F sales and earnings to face headwinds; downgrade to Neutral FY24 results largely in line; continued headwinds for FY25F Li Ning announced its FY24 results (on 28 March), largely in line with the capital market's expectation: 2H24 revenue increased by 6% y-y to CNY14.3bn, 3% ahead of Bloomberg consensus, while its 2H24 net profit decreased by 0.4% y-y to CNY1.06bn, 3% lower than consensus; excluding one-off gains & losses, Li Nin ...