野村发表报告指出，李宁(02331.HK) 去年业务基本符合预期，去年下半年收入按年升6%至143亿元人民币，超出市场预期，净利润跌0.4%至10.6亿元人民币，较市场预期低3%。剔除一次性收益和损失后，公司去年下半年核心净利润达10.8亿元人民币，仍略低于市场预期。
该行认为，李宁今年仍将面临持续的逆风，特别是在其核心产品类别，包括竞争日益激烈的跑步系列以及运动休闲系列。公司计划今年积极投入市场营销和研发，将拖累其利润率。该行料李宁今年的收入微升，但盈利将按年跌9%。
野村将李宁的评级由“买入”降至“中性”，目标价由20.3元下调至17.4元，另将其今明两年收入预测上调约2%，惟盈利预测下调13%至14%。而在运动服饰领域，该行更为看好Amer(AS.US) 。(jl/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-31 12:25。) (美股为即时串流报价； OTC市场股票除外，资料延迟最少15分钟。)
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