大华继显发表报告指，李宁(02331.HK) 去年收入胜预期，惟纯利逊预期，批发持平，实体渠道录得低单位数的跌幅。至于今年，管理层在外围环境不确定的情况下维持审慎，料收入将维持持平，目标毛利率会介乎高单位数范围，因为公司计划加大对运动资源的投资，以提高其产品的竞争力。
该行将李宁目标价由20.4元下调至19元，维持“买入”评级，另将李宁今明两年的盈利预测下调分别23%及24%。
大华继显表示，李宁管理层对2025年的展望持谨慎态度(料收入按年持平)；短期内利润率仍面临挑战。(vc/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-31 12:25。)
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