《大行》中信证券：李宁(02331.HK)缓中有进稳中求变

阿斯达克财经04-25

中信证券发表报告，指李宁(02331.HK) 缓中有进，稳中求变。首季流水增长低单位数，符合公司预期。分渠道来看，线下流水略不及公司预期，线上则略超预期，折扣与库存指标按年略有改善。公司在当前较高的销售基数和较平缓的消费环境背景下，逐渐小幅改善经营指标，维持全年务实增长指引。
报告称，从经营数据基数和内部组织架构调整的角度来看，李宁正处于经营周期底部向上的起点，今年上半年或存在去年同期高基数的影响，公司有望在下半年看到经营指标进一步向好的信号。

报告认为，李宁当下估值具备较好的风险收益比，对长线资金来讲进入逐渐配置区间。参考Nike(NKE.US) 与公司历史估值水平，以预测2024年市盈率17倍为估值基础，对应目标价25港元，维持“买入”评级。(da/cy)(港股报价延迟最少十五分钟。沽空资料截至 2024-04-25 12:25。) (美股为即时串流报价； OTC市场股票除外，资料延迟最少15分钟。)

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