--- title: "《大行》大和升李寧目標價至 20 元 上調評級至「持有」" description: "大和將李寧的目標價上調至 20 元，並將評級從「跑輸大市」上調至「持有」。報告指出，李寧上半年淨利潤率略優於預期，且管理層下調指引的憂慮未出現。儘管核心品牌出現穩定跡象，但由於持續扭虧為盈的確定性不足，評級上調幅度有限。李寧重申全年淨利潤率高個位數百分比的指引，但因零售動力放緩及宏觀環境疲弱，管理層對下半年持審慎態度。" type: "news" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/254360979.md" published_at: "2025-08-25T03:14:32.000Z" --- # 《大行》大和升李寧目標價至 20 元 上調評級至「持有」 > 大和將李寧的目標價上調至 20 元，並將評級從「跑輸大市」上調至「持有」。報告指出，李寧上半年淨利潤率略優於預期，且管理層下調指引的憂慮未出現。儘管核心品牌出現穩定跡象，但由於持續扭虧為盈的確定性不足，評級上調幅度有限。李寧重申全年淨利潤率高個位數百分比的指引，但因零售動力放緩及宏觀環境疲弱，管理層對下半年持審慎態度。 大和發表研究報告指，李寧 (02331.HK) 上半年淨利潤率略優於該行預期，且該行對管理層下調指引的憂慮並未出現。該行又看到李寧的核心品牌出現穩定的早期跡象，然而，由於集團扭虧為盈的持續性仍未確定，因此僅將李寧的評級由「跑輸大市」上調至「持有」，目標價由 14 元升至 20 元，上調 2025 至 2027 年每股盈測 10 至 13%。 該行表示，李寧仍然重申其全年淨利潤率高個位數百分比的指引。然而，由於零售動力在 7 月和 8 月放緩，加上宏觀環境持續疲弱，公司管理層對下半年仍持審慎態度。 ### Related Stocks - [02331.HK - 李寧](https://longbridge.com/zh-HK/quote/02331.HK.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | Olympics-Curling-Switzerland fight back to beat Denmark and seal semi-final spot | Switzerland secured a spot in the semi-finals of the women's curling competition at the Winter Olympics by defeating Den | [Link](https://longbridge.com/zh-HK/news/276282442.md) | | Olympics-Crosscountry-Norway win men's team sprint to deliver Klaebo fifth Milano Cortina victory | Norway's Johannes Klaebo led his team to victory in the men's cross-country team sprint at the Milano Cortina Games, mar | [Link](https://longbridge.com/zh-HK/news/276232393.md) | | Golf-Woods won't rule out playing in this year's Masters | Tiger Woods, recovering from back surgery, has not ruled out competing in this year's Masters from April 9-12. Speaking | [Link](https://longbridge.com/zh-HK/news/276159930.md) | | Olympics-Curling-China skip Xu believes wins on Lunar New Year bode well | China's curling skip Xu Xiaoming expressed optimism after the team secured two victories during the Milano Cortina Olymp | [Link](https://longbridge.com/zh-HK/news/276141927.md) | | Olympics-Figure skating-U.S. Figure Skating won't appeal Chock and Bates ice dance results | U.S. Figure Skating will not appeal the ice dance results from the Milano Cortina Games, where Madison Chock and Evan Ba | [Link](https://longbridge.com/zh-HK/news/276012027.md) | --- > **免責聲明**：本文內容僅供參考，不構成任何投資建議。