智通财经APP获悉，美银证券发布研报称，李宁(02331)2025年业绩胜预期，管理层指引2026年收入增长和净利润率均为高单位数，同样好过预期; 将李宁评级由“中性”上调至“买入”，目标价由20.2港元上调至25港元。
报告指，李宁增长重新加速，跑鞋业务稳健增长，篮球业务趋稳，休闲业务重新加速，羽毛球及户外业务贡献增加。虽然折扣及推广开支可能对利润率构成压力，但直营相关开支减少、实际税率降低及减值支出减少可提供缓冲。该行预期盈利已于2025年见底，并于2026年恢复至高单位数增长。
智通财经APP获悉，美银证券发布研报称，李宁(02331)2025年业绩胜预期，管理层指引2026年收入增长和净利润率均为高单位数，同样好过预期; 将李宁评级由“中性”上调至“买入”，目标价由20.2港元上调至25港元。
报告指，李宁增长重新加速，跑鞋业务稳健增长，篮球业务趋稳，休闲业务重新加速，羽毛球及户外业务贡献增加。虽然折扣及推广开支可能对利润率构成压力，但直营相关开支减少、实际税率降低及减值支出减少可提供缓冲。该行预期盈利已于2025年见底，并于2026年恢复至高单位数增长。
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