李宁A cautious outlook after a maintained gui

招银国际
29 Apr

一、公司业绩表现与市场预期李宁(2331HK)在2025年第一季度的业绩基本符合预期,全年2025财年的指引维持不变。尽管如此,库存水平在第一季度环比和同比均有所恶化,管理层对2025年4月的评论较为悲观,导致研究团队对第二季度的展望持更加谨慎的态度。目前股票交易于14倍的2025财年预测市盈率。二、零售销售趋势与折扣情况2025年4月,李宁的零售销售增长和折扣趋势进一步恶化。虽然1月至2月的销售...

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