国信证券:李宁短期仍存营销费用压力但经营效率正在改善 维持“优于大市”评级

金融界
Aug 24
国信证券研报称,李宁短期仍存营销费用压力但经营效率正在改善,期待中期销售增长提速带动盈利加速复苏。2025 上半年公司在具有挑战的经营环境中实现了稳健的业绩表现,尤其剔除非经影响后的利润表现较好,下半年中国奥委会合作等资源投入短期将产生额外费用,但未来将逐步转化为销售驱 动 力 。 我 们 维 持 盈 利 预 测 , 预 计 公 司 2025-2027 年 归 母 净 利 润25.1/28.3/30.4 亿元,同比-16.6%/12.5%/7.7%。看好公司当前健康的运营基础和未来营销发力对品牌增长提速的潜力,上调合理估值至21.1-22.3 港元,对应 2026 PE18-19x,维持“优于大市”评级。

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