星展发表研究报告指，李宁(02331.HK) 成本控制胜于预期，因此核心盈利较预期理想。不过，管理层看淡今年前景，预计营业额持平，净利润率为高个位数水平，对比2024年为10.5%。
该行预期，李宁受运动消费及鞋类销售稳步改善所带动，料今明两年的销售额将温和增长3%及6%，并预期毛利率分别降0.5个百分点及增0.1个百分点，分别达48.9%及49%。该行又相应下调集团今年盈测15%，目标价由21.9元降至18.6元，维持“买入”评级。(sl/k)(港股报价延迟最少十五分钟。沽空资料截至 2025-04-01 12:25。)
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