瑞银发表报告，指李宁(02331.HK) 首季销售额按年低单位数增长符预期，但管理层在电话会议中提到4月至今销售疲软和折扣趋势加剧，以及高于预期的营销费用预算，成为负面因素。
该行引述管理层指，首季销售额达到预期，受春节影响，1月销售表现胜预期，3月因不利天气销售疲软。4月至今销售持续疲软，线下零售销售按年负增长。库存方面，今年第一季库存期约5个月，对比去年第四季为4个月，新产品库存占比逾80%，零售渠道库存4.5至5个月，批发渠道为5个月。线下零售和批发渠道折扣水平按年改善低单位数百分点，线上渠道略有改善。但由于销售疲软，4月折扣水平加深，第二季度可能面临一定压力。
该行下调对李宁目标价，由17.6元降至15.7元，并下调今年至2027年对公司净利润预测4%至7%，反映销售趋势疲软和营销费用增加。投资评级“中性”。(fc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-04-28 16:25。)
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