李宁(02331.HK) 昨(9日)股价下挫5%后，今早(10日)股价持续受压，最新报14.86元下滑4.5%，成跌幅最大蓝筹股。
花旗发表报告表示，李宁(02331.HK) 虽然与安踏(02020.HK) 同属一个行业，去年第四季度零售额按季增长也类似，但李宁管理层在该行所举行消费行业投资者日上发布的今年业绩展望比安踏管理阶层更为审慎，李宁管理层预计今年销售将按年呈“微弱”(slightly)增长，公司管理层也预计，鉴于广告宣传/销售额比率可能按年上升，以及政府补助按年减少，料今年毛利率将面临压力。
该行引述李宁管理层表示整体市场仍在促销，在需求疲软的情况下，其他品牌提供按年更大的零售折扣，这与滔搏(06110.HK) 在最近的投资者沟通中发表的评论一致。
花旗予李宁“中性”投资评级及目标价14.36元。(wl/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-01-09 16:25。)
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