中金：维持李宁(02331)跑赢行业评级目标价20.82港元

智通财经

Apr 29

智通财经APP获悉，中金发布研报称，维持李宁(02331)2025/26年EPS预测0.92/1.07元不变，当前股价对应15/13倍2025/26年市盈率，维持跑赢行业评级和目标价20.82港元不变，对应21/18倍2025/26年市盈率。

该行指，1Q25李宁品牌(不含李宁YOUNG)零售流水同比增长低单位数，其中1-2月份整体表现较好。管理层维持2025年收入同比持平，净利润率高单位数的指引。

公司公布一季度经营情况：1Q25李宁品牌(不含李宁YOUNG)全平台零售流水同比增长低单位数，4月至今终端需求仍有波动，管理层计划继续完善专业产品矩阵，深化运动精神与品牌的融合，结合中国奥委会的合作，提升品牌在核心业务领域的竞争力与影响力。

分渠道来看：线下直营渠道零售流水同比下滑低单位数，其中奥莱渠道实现同比增长，线下批发渠道零售流水同比增长低单位数，线上渠道零售流水同比增长10-20%低段，1Q25李宁YOUNG零售流水同比增长高单位数。

分品类看：得益于产品上新及北京半马赞助等因素，1Q25跑步品类销售额同比增长20%以上;健身品类继续实现良好增长。

折扣方面：1Q25李宁品牌(不含李宁YOUNG)线下直营及批发渠道折扣均同比改善低单位数，线上渠道折扣同比略有改善。截至3月末，公司全渠道库销比约5x，新品占比达80%以上，库存处于健康可控状况。

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