一、核心观点与投资评级李宁公司(02331。HK)在2025年第一季度的流水表现符合预期,跑步及电商增长亮眼,折扣改善显著。基于其稳健的运营表现和未来战略规划,分析师维持“买入”评级,并预计2025-2027年的归母净利润分别为24.6亿元、28.1亿元和31.6亿元。二、Q1业绩亮点2025年第一季度,李宁大货全平台流水实现低单位数增长,其中线上渠道表现尤为突出,录得双位数增长,而线下渠道则因...
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