一、核心观点与评级维持中金公司 发布研报,维持对李宁(02331)的“跑赢行业”评级,并将目标价定为20.82港元。基于当前股价对应的15/13倍2025/26年市盈率,中金认为李宁在运动品牌领域的竞争力和市场表现仍具吸引力。同时,公司维持2025年收入同比持平及净利润率高单位数的指引,显示出管理层对未来发展的信心。二、一季度经营情况分析根据李宁公布的一季度经营数据,李宁品牌(不含李宁YOUNG)...
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