麦格理发表报告，预期李宁(02331.HK) 去年下半年收入及净利润按年基本持平，另由于减值损失较低及严控费用，经营费用率下降，抵销了毛利率按年收缩的影响；去年第四季的零售销售相信可在低基数下持续改善。该行预期李宁去年收入按年增长1%，净利润率10.8%，与管理层的指引大致相同。
该行料去年下半年李宁的毛利率按年略收缩0.5个百分点至47.5%，部分原因是线下折扣按年扩大。另预期公司今年收入增长维持低单位数，而对品牌投资的进一步需求或令净利润率按年持平。
麦格理将李宁去年净利润预测上调6%，但将今明两年的预测下调3%及4%，主要由于下调对其收入预测。目标价由22.6元下调至21.4元，评级“跑赢大市”。(jl/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-01-08 16:25。)
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