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<Research>G Sachs Adds LI NING TP to $19.5; Sales Pressured, but NPM at High End of Guidance
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LI NING (02331.HK) recorded a low single-digit decline in 4Q25 retail sales, slightly better than the mid-single-digit decline in 3Q25, in line with market expectations, according to Goldman Sachs' research report. LI NING's management said that FY2025 revenue will slightly increase YoY, compared to a flat previous guidance. Net profit margin is at the high end of the high single-digit guidance, due to better-than-expected government subsidies and operational expense control. Therefore, the broker raised its 2025 net profit forecast for LI NING by 15% to reflect better-than-expected government subsidies and expense control, while lifting its 2026-2027 net profit forecasts by 1%. Goldman Sachs added its target price from $19.2 to $19.5, with rating kept at Neutral, as it awaits signs of fundamental demand or discount bottoming out. AASTOCKS Financial News Website: www.aastocks.com |
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