李宁Prudent guidance but we are still confide

招银国际
30 Jun

一、核心观点与投资建议本报告由CMB International Global Markets发布,针对中国羽绒服龙头企业波司登(3998HK)的最新业绩及未来发展进行分析。尽管公司给出了相对保守的FY26E指引,但分析师仍然对其增长前景保持信心,维持“买入”评级,并将目标价下调至5.55港元。基于当前股价对应11.5倍FY26E市盈率,以及7%的股息收益率,分析师认为下行风险有限。二、业绩表现与...

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