星展发表研报指，内地居民消费意愿疲软，为李宁(02331.HK) 的盈利及利润率带来短暂影响，店铺日均客流量下降，拖累整体线下零售销售表现，该公司相应在2024年上半年将零售折扣率和平均售价提高了低个位数百分比，目前预测2024及2025年李宁的销售额将按年增长2%及8%，主要来自于居民人均体育开支稳步提升，同时预计2025年毛利率将扩大0.1个百分点至49.4%。
该行指，李宁的跑步产品品类需求较其他品类强劲，在中期具有潜力，同时渠道库存销售比持续改善，目前库存水平为3.9个月，整体结构健康。星展指出，李宁现价估值具吸引力，基于毛利率预期调整，相应将2024及2025年盈利预测分别下调2%及上调3%，目标价由原先24.4元下调至21.9元，重申“买入”评级。(gc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-01-27 16:25。)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.