富瑞发表研究报告指，李宁(02331.HK) 对中国奥委会赞助初始开支管理好过预期，部分投资者原预期今年相关额外营运开支将达到6亿至7亿元人民币，相信与中国奥委会的合作可成为集团2025至2028年重要增长动力。
富瑞强调与中国奥委会的合作将为李宁带来丰厚收入及盈利机会，有助李宁品牌重构产品组合。该行又指，李宁近年持续增加派息及回购规模，预期转型后自由现金流及股东回报将有突破，给予“买入”评级，但基于6月以来折扣优惠力度加大，可能对毛利率带来压力，将今明两年收入预测下调2%及3%，每股盈利预测下调7%及6%。目标价由50元降至48元。评级“买入”。(gc/a)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-22 12:25。)
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