李宁(02331)挫逾4% 大华继显担忧下半年打折持续致毛利率承压

金吾财讯
Aug 27, 2025

金吾财讯 | 李宁(02331)午后股价继续承压,截止发稿,跌4.06%,报19.15港元,成交额4.44亿港元。

大华继显报告称,李宁可能会在下半年继续大力打折,这可能会给全年毛利率带来压力。在上半年以及下半年头几个月,公司所有销售渠道的折扣力度都较大,分析师预计这种情况将持续下去。公司还可能面临与中国奥委会相关的更高广告和促销成本。与此同时,据李宁管理层称,进入第三季度门店客流量减弱,可能预示著下半年线下销售面临挑战。

大华继显将李宁股票的评级从买入下调至持有,但将目标价维持在18.90港元不变。

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